Qatar property prices tumble

Country:  Qatar

27 April 2009

Property prices in Qatar have plunged by up to 70% since the peak of the market in September 2008, due to the global financial crisis, according to a survey conducted by Aswaq.net of Al Arabiya television.

The research, which uses price data supplied by a number of property agents, reveals that the price of land allocated for construction of villas in Doha fell by around 50%, while the actual prices of villas in the capital tumbled by almost 35%. Outrside of the capital, villa prices typically fell by 65% to 70%.

Property agents told Aswaq.net that the Qatar property market is witnessing an unprecedented state of stagnation, following the outbreak of the global financial crisis.

See Also:   Qatar