SLUMP IN DE­MAND FOR OLD BUILD­INGS

Fear of de­mo­li­tion and op­tions of bet­ter ac­com­mo­da­tion have heav­ily im­pacted the de­mand for old res­i­den­tial build­ings and par­ti­tioned vil­las, the rents of which have gone down by up to 20%.

Qatar Today - - BUSINESS REALTY CHECK -

Ac­cord­ing to a re­port, in­dus­try sources have said that real es­tate ex­perts are ex­pect­ing a grad­ual pop­u­la­tion shift from Doha to out­side ar­eas be­cause of mas­sive gov­ern­ment in­vest­ment in developing ar­eas. “Over­sup­ply and rel­a­tively low de­mand for old build­ings in ar­eas like Na­jma, Man­soura and Old Air­port have led to rents fall­ing by 10-20%. “The ma­jor­ity of ten­ants now pre­fer new build­ings with good main­te­nance ser­vices and fa­cil­i­ties,” said Ahmed Al Arouqi, Gen­eral Man­ager, Roots Real Es­tate. Arouqi also said that land prices re­mained very high in Doha and that very few plots were avail­able for de­vel­op­ers and even those were not be­ing sold that eas­ily. “The gov­ern­ment is in­vest­ing heav­ily in in­fra­struc­ture projects and ser­vices in ar­eas out­side Doha, en­cour­ag­ing in­vestors, ten­ants and com­pa­nies to move to those places,” he added.

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