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Doha apartment rentals to fall by 30percent soon

In the opinion of investors and experts, rentals in Doha are likely to decline by 30percent shortly. Plenty of apartments are available for rent, particularly, on completion of four townships in Al-Wukair district by Ezdan real estate, including 2500 units that will be inaugurated towards the end of this week. This may be one of the prime reasons for fall in rentals, the report points out.

Earlier, it was predicted that the 10percent growth in rentals announced by a major real estate firm for its apartments, may lead to growth in rents in general. However, this has not happened, owing to surplus apartment units, which has led to reversal of supply-demand situation.

Ezdan is also offering a six months rent-free initiative, for those who sign up for a year. Last year, rentals had gone down by 5percent, as per the statement published by statistics department.

The initiative taken by Ezdan, will help bring about rent stability, and prevent any further increase, said Sheikh Fahad bin Hanad al-Thani, owner of a real estate firm. He appealed to Ezdan to expand into other locations too, like Gharafa, and diversify its products.

Currently, the Ezdan Villages caters to 25percent of the requirements in the market. However, the apartment owners in Doha are hesitant to consider reduction in rentals. But, they will have to change their policy soon, said owner of another real estate firm.

Posted on 24/1/2012