Housing rents keep falling as Qatar fast becomes a buyers’ market
The past few months have been quite interesting in Qatar as transactions in the real estate market, which had been seeing a huge boom, started slowing down.
The housing rents, which had been booming only a few months ago, are now being corrected and falling hard. With new tenants now having multiple options to look to, things have never been better for them, reports The Peninsula.
The recent crash of oil prices led to the loss of many jobs in Qatar and several people sent their families back home. At the same time, housing units that had been under construction for long came into the market and it added to the sense that the country was fast becoming a buyers’ market. Experts say that leading real estate companies have slashed their rents by an average of 15-20%.
Muhammed Sofiyan, the Manager of Gulf Commercial Integration, pointed towards this reality.
“Fall in rents has become a necessity as clients are demanding it. From the start of 2017, we’ve decreased the rents. The reductions range from QR500 to QR1000 (per month per unit) Rents vary depending on the location and condition of a property,” The Peninsula quoted him as saying.
“Rents vary according to the property’s location. The monthly rent of a one bedroom apartment in Porto Arabia last year was QR12,000, but now it’s come down to QR9,000.We’re additionally offering tenants one month free stay with gym and swimming pool access. The rents of some housing units have fallen by up to QR4,000,” he added.
Major companies like Ezdan Real Estate and Al Emadi have also cut their rents, according to tenants and officials who wished to remain unnamed.
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Buyer's market ?!?
Hahaha i nearly fell off the chair reading this !
No wonder dimwit sources stay anonymous.
Where is the reduction?
house rents not falling.
No Reduction in Rents is because of no work efferts from the owners, they give it to second party at lower rate and wash their hands , the second party will earn and increase the prise and hand over to third party and the last one will keep his comission....as well.....this is completely on fair with people living in the contry facing problem. just for not doing effort or should i say they need every thing in a bank accounts only and sleep at home.
hearing this since long time searching for renting home for last 1 year.... where is the reduction huh :( cant find one...
by the way, i am renting in Ezdan villages, no reductions! i renewed my contract last June 16 and they increased the rent!
better to verify before posting.
people who rent in the pearl or similar areas cares about a reduction of 1000??? awesome!
how many people renting there?
people who are renting partitioned villas and small houses are the ones who cares about 500 & 1000 reduction only. because it is a major part of their salary!!
for us, we did not feel any reduced prices.