DOHA: Qatar’s banking regulator has launched a real estate price index, an indication that property prices are literally spiraling — a trend experts say might impact price stability in the country.
Considering that nearly 129,000 newly-recruited foreign workers arrived in the country in 2012, and the influx is expected to continue as more development projects are launched, the pressure on housing is bound to grow, sending rents soaring.
Qatar Central Bank (QCB) on Wednesday launched a real estate price index that tracks the price movement of real estate in the country since August 2006.
The regulator said that to prepare the index, it had begun collating information on real estate sale transactions from the Ministry of Justice (which has a real estate registration division).
Based on the data, a monthly series of real estate indices has been developed. The QCB, however, added on its website that due to lack of information on location, age of buildings, number of rooms and available amenities — whether the houses are furnished or unfurnished — adjustments had to be made to ensure accuracy.
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