HOUSE RENT DECLINING...???
One of my Qatari colleague has two buildings in Al Hitmi (Salata Kadim) each 8 stories high. Both of them semi furnished. One compeled 11 months ago and other one completed 3 months now.
He (not through agents) was trying initially to rent them at QR8,500 each apartment. He did not get any one. Even after reducing to QR 7,000. Still no positive response. He is very upset now as he said, his cost of building was too high and bank interest also accruing.
He is now considering to rent them out at QR 6,500.
My question is what does it mean? Is rent coming down in Doha?
Ontario, tell your mate to rent them out for free. I'm sure he is loaded and can afford it.
Hello,
I need help on rent prices for 3/4 bedroom villas in compounds close to the American Academic school.
I will appreciate the help very much for the purpose of negotiating a reasonable compensation.
Best Regards.
I just renewed my tenancy and got a lower for next year on my villa. I think rents peaked last year but while not apparent from the adverts (like the over priced cars on QL) tenants have more power to ask for a reduction with all the new build that have been constructed.
No i dont think so that it is declining. It is increasing for a one bed room fully furnished apartment but the trend is not the same for a two or three bed room apartments, their need is less. I have it now at 7000 Qr per month (brand new) rent including electricity, water and internet at Markhiya. I was not able to see even any good option available in ads even in 7000 range. I got mad finding one.
The apartment like mine used to be 6000 QR per month a year back and before that (3 years back) 5000 QR per month. The price is too much by any international standards.
Folks, I think it is dropping. Signs are popping up everywhere for places to rent and no one filling them. We know a guy who built a house in Dafna to rent out in the boom, but is now taking a loss on his own mortgage cost just to stay afloat. I have been in contact with an agent who found me a villa on a compound not too far from the Ramada... 2 storey, 3 bdr, compound facilities (and it is a new villa) for 10,000
I really dont see any of the prices coming down!!
These qataris who own these buildings are LOADED with cash, so even if their flats/apartments are empty they are laughing.
LIke others have replied...many said that after the asian games the house orices are gonna drop and people were ready to grab what they could, if anything they have risen more!
have been saying rents will drop for years. Certainly since 2004 initially blamimg the Asian Games in 2006. I cannot see them dropping at all. Too many people arriving.
Hi Ontario,
Can you tell your friend to send detailed pics of the apartment.
I am willing to consider it for QR6,000.
My email is [email protected]
Thanks
I am seeing more signs of one month free and outright
lower prices for property rental this week. Of course you have the owners who will refuse to lower at any cost but more and more they will see no takers for their properties. Renters MUST absolutely always gravitate to the lower prices when they are offered. Nothing wakes up a landlord more than seeing a tenant leave for a lower rent. Keep your eyes open and watch for better and better value coming out of the real estate sector.
I would be interested in renting an apartment .... can you please give me contact details of the landlord. I am available at saint dot hari at g mail dot com.
Live life like there is no tomorrow ....
Cheers
Saint
there's no way rental rates are going to decline here in Doha. maybe the building's location of your colleague is not suitable fo all those who are presently looking for a place to stay
No UkEng, they are all in it together.
"I don't think so. Homey don't play dat."
Homey Da Clown
ontario....
What's stoping your friend to give them away at QR 3,000?
Would he be making substantial loss if he did?
Cause QR3000 x 2Flats(per Floor) x 8Floors x 11Months = QR 528,000!
The guy lost QR 528,000 in 11 months on the 1st building already!
Honestly ...how many companies are paying (that too how many of their employees) QR 6000 for housing?
The owners are willing, but in my opinion its the Agents who are misguiding the propective tenants and the landlords..
-----------------
HE WHO DARES WINS
It's hard to see how the Qatari real estate market functions. Qatari landlords mostly prefer to leave their property empty if they don't get the rent they are looking for. And mostly being rich and sponsored by the gov, the market logic of offer and demand doesn't apply in this country.
Harsha is right.. I can se many empty buildings around, even new ones built and none taking them.
I got a feeling its gona come down a bit ..
he is travelling now. he will be back after two weeks. let him come i will ask him to call u...
whether it is coming down or going up.. do send me ur qatari friend's contact detail.. i would like to rent one flat.. for QR6500.00
Ask him to read today's Gulf Times headline story and contact HMC. They are looking to rent apartments for their staff high & Low ;)
Abu American, I agree to some extent. The people who took out loans to build these buildings will probably do as you said. The people who have money will just try and wait it out. Some people still get paid even though their flats / villas are empty. So for those people it really doesn't matter if their places stay empty or not. The govt. needs to address the myriad (I know ya like the vocab) of problems related to the real estate industry.
"I don't think so. Homey don't play dat."
Homey Da Clown
it will have to come down.. dont u see the no. of empty buildings around.. unless more ppl land in doha..
how many bedrooms in these apartments? are we talking about 1- / 2- or 3-br apartments?
I don't think on the whole the rents are declining.
If anything, they are just rising less quickly. I think soon they will flatten out (stop rising) but I don't know when or if they will ever fall.
I would say that demand for housing has slowed, and the supply of apartments is exceeding the demand. There are fewer people willing to come to Qatar due to the weakening currency, high rent and high inflation, and also a lot of accomodation throughout Doha has recently been completed all at once.
If rents don't decline soon and substantially, the economy here will really suffer more than it is now.
they will stay stable wont decline.
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The owner of this building seems to be the exception to the rule. Most landlords seem to be digging in their heels and while they continue to try and fleece the public. I hope someone out there with more info on the situation can prove me wrong but I don't think the rent prices will come down anytime soon.
"I don't think so. Homey don't play dat."
Homey Da Clown