(MENAFN) Qatar's Central Bank (QCB) said that the country's real estate market profits have eased down in December compared to the previous month, with the real estate index declining to 255.6 points in December from 263.5 points in November
QCB's real estate price index also indicated that the prices during last year's fourth quarter declined after they recorded an increase of over 10 percent in the third quarter, compared to the second quarter, while it moved just 0.71 percent up in the fourth quarter, with the value of the total transactions within the real estate hitting USD988.33 million.
The QCB said that the shelving of major projects by the government and private entities is expected to weigh on Qatar's rental markets going forward, as the country thus far has shelved or scheduled projects with a combined value of around USD24 billion.
The shelved projects include the USD6.5 billion Al Karaana petrochemical project, which Shell and Qatar Petroleum decided to postpone, as well as the USD12 billion Sharq Crossing" project that Qatar's Public Works Authority (Ashghal) has decided to place on hold.
"The market is already witnessing a huge supply-demand gap. There are reports of several mega projects being shelved. This might lead to a lower-than-expected growth in Qatar's projected population rate," the report said.
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