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Rents in Doha likely to sink
The apparent balance in the demand and supply, coupled with the seasonal stillness currently seen in the Qatar realty sector, has apparently, kept the spiraling rents for villas and apartments in Doha, under control, reveal industry experts.
Experts say that the rental scenario is moving towards better stability.
The freezing of rents as per the Lease Law No.4 of 2008, which was introduced last year, saw several companies opting to buy and develop properties for either accommodation of their own staff or for business purposes and, this has helped tackle the soaring rents.
According to a real estate broker, two factors, in particular, has helped stabilize house rents. Although the balance between demand and supply of housing units which has been achieved currently has not had a considerable impact on the prices, it is hoped that downward movement of rents may be seen in the market sooner or later.
Another property agent agreed that with several high-rises emerging rapidly in Doha’s skyline and its outskirts, increased competition is likely amongst property owners and landlords, as customers are likely to arrest the increase in rentals, even if a drop in rentals doesn’t happen.
There is still high demand being noticed for housing units in Doha Center. The average rental for a villa in Doha Center is about QR18000, while that for an apartment is QR8000.
The current situation is likely to continue for a while, and then a downward movement in rentals may be seen. However, in few localities such as Manassir and Al Dafna, the rentals are still on the rise.
According to realty agents, although the rentals have stabilized, the prices of lands are increasing rapidly.
With the current conditions, the tendency of certain landlords’ to evict tenants on various excuses may no longer work, the agents say.
Posted on 26/8/2008
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