House rents on the rise, say banks

DOHA: Giving credence to market speculation, two leading banks — the QNB Group and the National Bank of Kuwait (NBK) — have said that house rents are on the rise in Qatar. 

An analysis of QNB Group said that after four years of deflation, housing costs were up by 2.8 percent in 2012 compared to the previous year. “Although housing costs did decline substantially in the first half of 2012, contributing to an average 3.3 percent fall over the whole year, there was a return to growth in rents in the second half. 

The increase was largely due to fresh inflows of expatriate workers to implement the country’s major infrastructure projects,” the report said, adding that this year will see the house rents further going up, with a modest inflation of about 3.7 percent..

Read more: http://thepeninsulaqatar.com/qatar/226746-house-rents-on-the-rise-say-banks.html