(MENAFN- The Peninsula)
As growing competition in market has caused a slow but steady fall in rents of housing units, people now have multiple accommodation options to select from according to their paying capacity.
Under market pressures induced by the construction of new housing units and complexes, leading real estate companies have reduced rents of residential units by an average of 15-20% in the country.
The falling rents is making things easier for people and now they can select, according to their budget, a decent accommodation.
Muhammed Sofiyan, Manager of Gulf Commercial Integration, told The Peninsula: 'Fall in rents has become a necessity as clients are demanding it. From the start of 2017, we have decreased the rents. The reductions range from QR 500 to QR 1000 (per month per unit) Rents vary depending on the location and condition of a property."
'According to the locations of our apartments and villas we have reduced the rents. The monthly rent of one bedroom apartment in Porto Arabia last year was QR12,000 and now after recent decrease, it has come down to QR9,000. In addition to this, we offered one month free stay with gym and swimming pool facilities. The rents of some housing units have fallen by up to QR4,000, said Muhammed, Sales Manager at Majestic Real Estate.
Ezdan Real Estate operates under the umbrella of Ezdan Holding Group and owns huge multipurpose real estate projects in different parts of Qatar. The Group has approximately 20,000 residential units of different types in Doha's prime locations as well as outside Doha as in Al Wakrah, Al Wukair.
A new resident at Ezdan Village 31, Al Wukair said, 'Our old contract in Doha has now expired. We are now looking for a new villa that can meet our budgetary constraints. The new rents here at Ezdan attracted us to this amazing offer being provided by Ezdan Village. We have discovered that Ezdan is affordable. They are offering a one bedroom apartment for QR 3,848 per month which was earlier offered at QR4,650 and the rents of two bedroom apartments have also slipped down from QR5,030 to QR4,782."
Another leading real estate company, Al Emadi, has also decreased rents of its residential units.
'Demand is high in the market but most expatriates ask for units with reasonable rents. We have reduced the rents since the start of the new year - 2017. The rents of one and two-bedroom apartments are QR5,000 and QR 7,000, respectively. These apartments are located in the heart of Doha, Munatza and Najma. Four bedroom villas located at old airport area have a monthly rent of QR13,000 which were previously rented out for QR16,000. These villas and apartments are fully furnished, said an official of Al Emadi, requesting not to be named.
An employee of Al Saqar Real Estate company said that they have also brought down rents of their housing units to compete in the market. "We have a compound located at Al-Wukair. Two bedroom apartment is offered there for QR5030, one bedroom apartment for QR4000 and studio-type apartment for QR2100. This compound has facilities including swimming pool and gymnasium. These apartments are fully furnished with no additional charges for electricity and water."
"We have reduced the rents of our accommodations. From January 2017, rents of apartments located at West Bay have come down by QR1000 to QR1500 per month. The rents of apartments located in Al-Waab have decreased as well, said an official from another leading real estate company.
Speaking on the trend of falling rents, a property dealer in Doha said: 'Reduction in rents has disturbed our business because to compete in the market we have also slashed the rents. New accommodations in Al-Thumama include studio flats for QR 2,000 while brand new villas located near IKEA in a compound with four bedrooms, three bathrooms, a small garden area are being let at QR8,670. The rent of a three-bedroom apartment in Old-Airport area is QR6000."
He further said: "A five-bedroom villa located near Safari Mall including facilities of small back-yard, closed kitchen, swimming pool and gymnasium has monthly rent of QR11,000. One bedroom villa located near Dar-Al-Salam with separate kitchen, outdoor barbecue area, parking, electricity and WIFI is rented out for QR4500.
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