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House rents in Qatar will continue to decline: Report
House rents in Qatar continued to fall in the first quarter of 2010 and a further dip is expected in the next quarter of the year, according to a report issued by Asteco, a regional and international firm offering real estate services.
Apartment rents at Lagoon Plaza and Al Sadd fell by 11 percent, while four and five-bedroom villas in Al Waab, and five-bedroom villas in Al Khraytiyat also came down, says Asteco’s report on the Qatar residential and commercial property market for Q1 2010 published yesterday.
However, there were a number of residential locations and asset classes where the decrease in rental levels appear to have stabilised: Al Muntazah witnessed only a 1.5 percent decrease in the last three months, while the areas of Bin Mahmoud and West Bay Lagoon saw no further declines, said the report.
Generally, studio and one-bedroom apartments across the market witnessed minimal sale price movements. There have been no noticeable price changes in residential unit sales for both the primary and secondary sales market on The Pearl Qatar. The office market continued to record decreases in rental rates. ...............
........The report says there is an estimated 3.2 million square metres of office space in Qatar, 50 percent of which is in Doha’s premier office location – the Diplomatic District.
Due to the fact that a large amount of office space is coming to the market, particularly in the Diplomatic District, it is likely that office rental rates will decrease further. However, an increase in infrastructure projects, along with major commercial and industrial projects, is set to commence in the next 12 months which will increase demand from both local and international companies and help to facilitate the stabilisation of office rents.
Other areas of Doha such as Umm Gwalina, Al Ghanem, Al Hitmi, Mansoura, Bin Mahmoud, Muntazah and Al Sadd are expected to have approximately 5,000 residential apartments entering the market over the next 18 to 24 months. This will undoubtedly affect the market and is likely to drive rental prices down further in due course, said the report.
http://www.thepeninsulaqatar.com/Display_news.asp?section=Local_News&subsection=Qatar+News&month=April2010&file=Local_News201004223113.xml |
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