Doha real estate market remains dynamic

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The Pearl, Qatar
The Pearl, Qatar — Artist rendering

A real estate report highlighting the Doha real estate market is expected to remain stable and may even witness a surge in unit sales and rentals over the coming months.

In the residential real estate sector, the Al Asmakh Real Estate Q1 report points out that demand in Doha will remain high as Qatar’s population continues to achieve a year-on-year growth of 8.5 percent. As a result, expatriates will boost the demand for housing units within the country. The Doha and Al Rayyan municipalities are likely to be main supply sources for these units.

Compared to the previous quarter, sale prices in the city have generally remained stable. However, some localities have appreciated in value — up to 5 percent. While most outside retail investors preferred to buy property at The Pearl, the demand also remained strong in the localities of Al Sadd, Bin Mahmoud and Al Nasr due to approachability and their ‘Usufruct’ status.

Meanwhile, rents across Doha and surrounding areas have increased when compared to last quarter. Both apartment and villa segments experienced a rise in rentals. On average, the monthly rental for two-bedroom apartments within Doha, range between QR 8,000 to 14,000 Qatari Riyals. Villa rents, range from QR13,000 to QR18,000 for three to four bedroom units.

Image courtesy of: Al Asmakh Real Estate Development Co.

The report says that as companies move their employee accommodations to nearby areas such as Al Wakrah, Al Aziziyah, and Umm Salal, the demand for these locations has surged. These areas enjoy better connectivity to the city centre and are also close to new shopping complexes presently under construction.

In the office space real estate sector, most companies were keen to launch operations in old CBD areas such as Grand Hamad Street and the C/D Ring roads. These areas offer moderate office space, affordable rentals and are close to the city centre. During the last quarter, office rents have climbed by an estimated 6 percent across Doha. The consistent increase in rents is forcing some smaller companies to adopt the “virtual office” concept and consider ready-to-use offices.

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