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No downward trend noticed in rent rates, say property agents
The rents in Qatar are dependent on the attitude of individual landlords, rather than the demand-supply factor, reports The Peninsula.
As for the rent rates dropping down, about four real estate agents have confirmed that other than just the talks about the lowering of rent rates doing rounds in community circles, no downward trend is being noticed in the market.
Instead, numerous buildings are all set to be occupied, but, the landlords are adamant on their higher rent rates, and are reluctant to scale down the rentals.
One official belonging to the A-One Real Estate Company was quoted as saying that only a few tenants would have benefited from the attitude of landlords, who may have agreed for a comparatively cheaper rate, due to bank loans or other financial troubles, while the majority of owners’ are continuing to refuse rents at lower rates than how it was a year ago.
It is still difficult to find a new furnished two bedroom apartment for less than QR8000 in most parts of Doha, despite many flats lying vacant in prime localities within the city, he added.
The official pointed out that it is however interested to note that despite this lack of business, no decline has been noticed in the commercial rent rates in the country, as well. A square foot of commercial space in areas such as C-Ring Road continues to be nothing less than QR200.
A spokesman of Zukhof Estate, said apart from the attitude of owners, the client requirement too matters in this business. If the owner is sure about the client’s choice for a particular locality, then the owner will definitely insist on higher rate.
According to the official, the current price of a new three bedroom furnished villa is QR17000 to QR18000.
However, another agent agreed that the dropping in rents is true in few cases. For instance, his client had recently reduced rent of a three bedroom apartment which remained vacant for more than year, by as much as QR2000.
One of the real estate officials, commenting about the “budget” flats launched by Barwa Real Estate Company, said that such projects, if announced at regular intervals, will have a negative impact on the business of real estate agents, although it all depends on the speed at which the project is implemented.
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