Quarterly Report Qatar Q1 2024: Residential Market Overview – Cushman & Wakefield Qatar

Press Releases

May 12, 2024

Quarterly Report Qatar Q1 2024: Residential Market Overview

Apartment rents remaining stable in most locations in recent months after a period of fluctuation

Residential rents in Qatar have stabilised to a large degree after a period of fluctuation both ahead of, and after the FIFA World Cup. Occupancy rates in prime apartment building buildings and villa compounds have climbed over recent months with strong demand witnessed for most new buildings in Lusail and The Pearl Island.

The early months of 2024 have seen evidence of a gap emerging between rental levels in new towers, and towers that were completed more than 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.

While new developments continue to reach the market, an increase in new residents to Qatar has ensured that occupancy rates have remained stable. New types of real estate product continue to launch in masterplanned neighbourhoods in Doha, Lusail and Al Wakra. Apartment buildings in Giardino Village on the Pearl Island offers tenants 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 is now competing with projects such as Ezdan Oasis and Madinatna at the more affordable end of the market, ensuring that rents should remain stable.

Occupancy rates remain high in most villa compounds around Qatar. We are starting to see upward pressure on rents in some of Doha’s more popular compounds in recent months. While rents have generally remained stable so far this year, some landlords no longer offer the rental incentives to new tenants that had been commonplace.

According to the latest statistics released by the Planning and Statistics Authority, the number of residential sales transactions fell by 16.2% in 2023 compared to 2022. This trend has reversed in January and February 2024, with the number of residential sales up by 30% on the corresponding months last year, reflecting an increase in transaction value of 46%.

The sales market has been dominated by owner occupiers rather than investors in recent months. Typically, apartment sales are being driven by residents looking to secure residential permits and avoid paying rent. Purchasers are being encouraged by the increasing flexibility of structured payment plans for new off-plan sales being offered by many developers in Lusail’s various residential districts.

 

Cushman & Wakefield Quarterly Report Qatar Q1 2024

To buy, list, or lease properties in Doha, please click here


CONTACT US

As Qatar’s oldest established global real estate advisor, our team can help you to find the ideal home or office to rent in Doha’s competitive property market.

Get in touch today to see how we can help.

Cushman and Wakefield Qatar
15th Floor Tornado Tower
West Bay
P.O. Box 37584
Doha
State of Qatar

Email: infoqatar@cushwake.qa
Tel: +974 44837398, +974 44837388
Mobile: +974 33541237




    Cushman & Wakefield Qatar will use the information you provide on this form to respond to your enquiry, to provide updates and marketing. Please let us know the ways you would like to hear from us: