Housing market rents remain static across prime locations in Qatar

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Doha, Qatar: The property market has shown a solid stance in its rent across Qatar’s key areas in recent months after fluctuating in recent years.

Market analysts at Cushman and Wakefield have noted that this significant change has led residential properties to stabilise both ahead of and after Qatar hosted the World Cup in 2022.

However, on the other hand, the occupancy rates in many of the vital apartment building buildings and villa compounds have mounted in the first five months with healthy demand witnessed for most newly built residential properties in Lusail and The Pearl Island.

The report states that Q1 2024 saw evidence of a gap emerging between rental levels in new towers, and towers that were completed over 10 years ago. 

“Many tenants are focused on new, modern, well-managed buildings where rents are inclusive of utility bills and furniture. This has led to discounted rents in many older buildings, particularly for apartments owned by private investors,” it said.

As the new enhancements continue to reach the market, an increase in residents has made sure that occupancy rates have remained steady in the country.

The researchers said that new types of real estate products continue to launch in master-planned neighborhoods in Doha, Lusail, and Al Wakra.

The residential properties in Giardino Village at the Pearl Qatar provide renters with high-quality apartments at more affordable rents than are typically available in Porto Arabia or Viva Bahriya.

The Al Janoub Gardens project, which provides almost 2,400 new apartment units competes with its new projects including Ezdan Oasis and Madinatna at the more affordable end of the market,ensuring that rents should remain stable.

However, as per several reports, the spike in occupancy rates is evident in many of the apartment buildings in Qatar, as an upward pressure on rents in some of Doha’s more popular compounds is witnessed during the first quarter of the year.

On the other hand, rents have generally been unchanged in 2024 as some landlords no longer offer rental incentives to new tenants who had been commonplace, the data notes. 

The Planning and Statistics Authority revealed in its data that the number of residential sales transactions declined by 16.2 percent last year compared to the same period in 2022. 

Industry experts observed that this trend has reversed in the first two months of the tear, with the number of residential sales up by 30 percent on the corresponding months in 2023, eventuating a significant surge in transaction value of 46 percent.

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