Qatar's disastrous property slump deepens
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The Qatari property market has witnessed an unprecedented slump this past year. Property demand from expatriates and wealthy holidaymakers has dropped sharply, and house prices and rents have fallen by double-digit figures.
In the absence of official house price statistics, it is very difficult to gauge how much house prices have actually dropped. Jones Lang LaSalle estimates that house prices in Qatar have fallen by about 30% in 2009 from a year earlier. Other local realtors claim that house prices plunged by as much as 40% in 2009, while rents crashed by 25% to 30%.
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