Doha: House rents in Qatar remained unchanged post-World Cup as several tenants expected a drop.
Although the first quarter of 2023 remained steady, market experts and officials expect reduction in rents from quarter two of the year.
The Peninsula spoke to a number of tenants to understand the market prices in the second quarter of 2023.
“I had to leave my building in Al Sadd during the World Cup period where I stayed for nearly 6 years,” said Walid Maroof, a resident, adding it was difficult to find a new property at the same rent he paid before. “Even though I moved to Bin Omran, there was only a difference of QR500. But I am still hoping to find a better affordable location,” he added.
However, the second quarter of the year began to see a decline in numerous areas across the country.
Jessen George, a tenant, said: “Our prices here in Ezdan have decreased slightly. The landlords did increase the rents last year until this year’s beginning. Now it has gone down.”
Experts said the prices continue to slow down with many properties made available and demand for rental apartments climbing up.
On its social media handle, Jeffrey Asselstine, Managing Director at NelsonPark Property, said: “In general we see some reduction in prices as landlords are offering many benefits, so there are really good options to explore.”
The official said three major markets in the country including Pearl-Qatar, Lusail City, and Al Waab area have many properties that have reduced their prices compared to 2022. “There have been a lot of new buildings available and we are starting to see how the rents have come down at The Pearl and it is a good opportunity,” he said.
The market expert said the rents will continue to decrease and be at their normal level as landlords expect their properties filled. “Moving onto Lusail, we have a similar situation to what we see at The Pearl and we have a number of new properties that are available but a little bit lesser than The Pearl.”
The housing market is expected to be discovered by the residents in Qatar with good opportunities to explore and identify the best that fits.
“I don’t see the market increasing tremendously at all. In fact I think it will stay flat for the rest of the year and as we look at Lusail, five years ago, there was a handful of properties. So there is really booming in parts of the cities and more individuals are moving into the Lusail arena,” Asselstine said.
Speaking about Al Waab, which is a prime choice for the people in Qatar, he said: “It is an important area, particularly with families who are looking for a villa lifestyle and to live near lots of schools in that area.
“When people are saying, they have expected prices to be dropping after the World Cup, we have seen a little bit of drops in Salwa Road too. Unlike The Pearl or Lusail, there are larger decreases in the Al Waab area as rents have declined and properties have increased. We don’t see that change necessarily in the next few months particularly as people are trying to make moves for the summer period so that side of the market continues to be buoyant. Rents are holding to a larger extent and we see that continue often in the near future.”
During a recent investigation by The Peninsula in Q1 2023, the newspaper uncovered the reasons why rental prices remained unchanged post-World Cup. Several experts said the landlords were optimistic about benefiting from the events this year and also gaining from real estate investments in Qatar.
