Demand for residential and commercial property in Qatar has seen a significant slowdown in the first quarter of 2016 due to cuts in government spending, according to a new report.
DTZ Qatar’s latest report said most commercial real estate lettings during Q1 are for small office spaces, which are in demand from the private sector.
It is estimated that between 2009 and 2014 as much as 65 percent of commercial space was taken up by governmental and semi-governmental entities but this demand has reduced “significantly” in the past 12 months, the report said.
It added that an increase in population, which continues to be fuelled by growth in the private sector, is accounting for demand in low to mid-level priced homes, while prime real estate is seeing “lengthening voids” in some cases.
