In the GCC, countries like the UAE, Qatar and Bahrain are feeling the global financial crisis in their real estate rental markets. This is due to many factors, including a decrease in demand resulting from the outflow of expatriates, as well as a fall in property prices and new supply coming online. Currently most rent prices in the UAE and Bahrain are somewhat stabile, and a decline in rental rates was already felt in the office market in Dubai in the last quarter of 2008. Experts predict, however, if demand and property prices continue to drop, rents will soften in 2009. In Qatar, Asteco’s general manager David Oayda seems more optimistic. He predicts that rents will stabilize and not decrease, since Qatar’s real estate market is less affected and its demand will remain strong. Lower demand Since the financial crisis began, some experts expected that rental demand would increase as
