According to New Wire Investor property prices are now falling across the Middle East - and that includes Qatar.
Qatar, which has already experienced real falls in property prices, is now concerned that the more serious fall out from the credit crunch being experienced in Dubai could spread to its shores.
With over a third of its population engaged in construction Qatar could feel some real pain, even with its huge reserves of natural gas.
Perlitz Gardens
Despite the gloomy economic situation, one Qatar company is now unveiling its latest project.
In words which seem to have been lifted directly from the The Land's press release, MENAFN announced the launch of Perlitz Gardens, Qatar's "first private gated comunity".
The company acknowledged the current economic backdrop to the launch, stating that:
While many developers are cutting back or cancelling projects, the land remains confident that Qatar's real estate market will remain a long term investment attraction, due to numerous factors that make the market so appealing in spite of the prevailing international crisis.More realistically, perhaps, the massive projects planned by the government should provide some support for jobs in Qatar's construction industry.
Looking to the Gulf
Ironically on a bad news day for the Gulf economy, companies in the rest of the world are being urged to head towards Qatar and the Gulf as a potential area of stability in these rough times. During a visit to Yorkshire Chadi Abou Daher, the regional manager of World Trade Centre Doha, proclaimed:
"Despite the current economic situation, the Gulf region is showing a high growth rate and generating financial surpluses that will provide an incentive for international companies to consider expanding their operations towards these markets."Chadi Daher made the statement during a trip to Yorskshire in which he was promoting an International Business Development Forum, Futurallia Qatar, which will be held in Doha from May 10 to 12.
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