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After a lull of close to five years, there are hints that Qatar’s property market is looking up. The government’s announcement of multi-billion dollar development projects has cheered the market, but people fear that house rents may zoom to the 2005-2006 levels — a hike of 40 to 45 percent.
Asking price, a key indicator of the real estate market, has gone up by five to 10 percent in Doha and its suburbs. It is likely to shoot up further by the end of this year or by 2014, when Qatar’s flagship development projects are expected to kick in, leading to a heavy influx of foreign workers and their families.
“Initially, the biggest pressure is going to be on the mid-segment residential villas. Until last October, a two-bedroom flat in Doha was available for something around QR4,000. The rentals have now gone up to QR5,000 to QR5,500”, said the marketing executive of a local real estate company.
The growth rate of asking price in the residential sector has been going up since the second quarter of 2012. It has increased in all the residential categories except unfurnished villa units. The average rate of growth for furnished residential units has been higher than that for unfurnished units this quarter. For furnished residential units, the average rate of growth was 7.15 percent, and for unfurnished units the rate of growth was 3.39 percent, say market experts.
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