RIYADH: According to a recent survey, Qatar’s real estate market is demonstrating endurance in the face of changing circumstances, with a noticeable difference between the performance of luxury and ordinary products. According to Knight Frank’s most recent Qatar Real Estate Market Review, luxury apartment rents increased by 2.3 percent to 11,200 riyals per month, while villa rents decreased by 7.5 percent to an average of 15,085 Qatari riyals ($4,139) per month during the previous 12 months.
In order to promote long-term economic growth and diversity, government reforms and infrastructural expenditures have been driving market evolution in recent years. The residential market has been boosted by the government’s implementation of property-linked residency programs and freehold zones specifically earmarked for foreigners.
As a result, there is now more demand for apartments in desirable areas like Pearl Island and Lusail, solidifying their standing as sought-after places to live and invest. As a result of changing tenant preferences, apartment rentals in Qatar’s most desirable areas have become a major development driver. With rental hikes of 9.6 percent and 3.2 percent, respectively, West Bay and the Marina District have emerged as professional and expatriate attractions.
Villa rentals, on the other hand, have been falling steadily, with even more dramatic declines of 20% and 9%, respectively, observed in important districts like West Bay Lagoon and Nuaija. Tenant preferences are evolving toward more compact, urban living, which is a result of a supply glut.
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