Doha rents expected to dip further – paper

Real estate agents in Doha believe that low demand for houses in the city could trigger a further fall in rents.

Qatar-based The Peninsula daily reported that real estate agents rents in Qatar’s capital have been witnessing a downward trend over the past few months.

However, the lower rents have not caused a rise in demand and many landlords are struggling to retain their tenants, according to The Peninsula.

This is because the tenants are moving to a cheaper and better accommodation.

Besides, the extended summer holidays and redundancies by several companies have contributed to the situation, the newspaper added.

A real estate agent told The Peninsula: “There are very few new customers in the market. The only visible activity is by the existing tenants, who move from one flat to another. Some landowners and agents are gaining from this situation, while many others are losing.”

A fully furnished three-bedroom apartment had been offered at QR8,000 ($2200) per month, but there were hardly any takers, the agent added.

Last month, a leading real estate investment expert said that rental market prices in Qatar are in for a battering over the next two years due to an oversupply of accommodation.

Nasser Mohamed Al Mansoory, CEO of listed-company Qatar Oman Investment Company said there were currently 15,000 apartments ready for occupancy across Doha with no takers.