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Posted On: 12 January 2009 09:53 am
Updated On: 12 November 2020 02:09 pm

Real estate market poised to stay strong

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NOTWITHSTANDING the global economic slowdown, Qatar’s real estate market is poised to retain its strong position, a cross-section of key players said yesterday. “West Bay and Al Sadd areas are proving the most popular for fully-furnished apartments and demanding the highest monthly rents,” Asteco Qatar general manager David Oayda stated. If a West Bay two-bedroom apartment is fetching a rent of QR16,000 plus, a three-bedroom unit is going from QR24,000, while in Al Sadd, a two-bedroom apartment commands a rent of QR9,000, and a three-bedroom unit of QR11,000, he explained. “The highest villa rental rates are recorded at West Bay and West Bay Lagoon at QR37,000 per month,” Oayda observed. “Though many expected a fall in demand for residential and commercial property in Qatar also in line with the global economic slowdown the local situation is different and precisely for the same reason rents have not dropped,” manager of another real estate agency said. The ongoing and proposed demolition of some areas is expected to prop up the demand further, he maintained. The Wall Real Estate is offering deluxe two-bedroom furnished flats in Al Handasa, Musheireb, Bin Mahmoud and Mansourah areas for rents QR7,500 and QR8,000. Three bedroom flats in Handasa and Al Sadd are pegged at QR10,500 to QR12,000. Deluxe villa in Old Airport, with five-bedrooms, command a rent of QR14,000 for semi-furnished and QR15,500 for fully furnished. Remax Properties Qatar has in Bin Omran new two-bedroom unfurnished apartment with A/Cs for a monthly rent of QR7,500, unfurnished standalone four-bedroom villa in Ain Khaled for QR15,000, and semi-furnished three-bedroom individual villa in Mamoura for QR25,000. “The current offers are enough and more proof that the rental market is strong and steady,” an official at an agency said. Jana Real Estate is offering a five-bedroom semi-furnished villa with majlis in Al Hilal area at a rent of QR25,000, a commercial villa with five-bedrooms at Madinat Khalifa for QR30,000, and a nine-bedroom villa with majlis at Wakrah area for QR25,000. Zukhrof Real Estate has in Ain Khaled fully furnished two-bedroom apartments in a compound with swimming pool for a rent of QR10,000, and luxury three- and two-bedroom flats in Bin Mahmoud with gym also for QR10,000 and QR11,000. “There is still demand for premium grade office accommodation, particularly in newly recognised central business district, West Bay, where multinational companies, particularly within Qatar’s oil and gas industry look to establish offices there,” Asteco Qatar general manager said. Though interest from both GCC and expatriate investors continues to be cautious since the last quarter of 2008, he claimed his firm still expects a healthy outlook for high-end residential properties in Qatar. “The Pearl, West Bay and Lusail developments command the highest sale prices for apartments,” Oayda maintained. With existing demand for high quality commercial and residential rental properties, Oayda has advised property investors to shift their focus to best managing their property portfolio rather than aiming for resale at this time.