Demand for residential space to keep rents high in Qatar

House rents are expected to maintain the upward curve, thanks to growing demand for residential space.

Rents were up 14 percent last year due to the population growing at the rate of nine percent annually. Citing reports, local Arabic daily Al Watan reported yesterday that real estate had been growing, too — six percent last year.

However, as for commercial space, there are no shortages as supplies will outstrip demand, which has been increasing seven percent annually.

Meanwhile, a real estate expert, Khalifa Al Muslemani, said more land must be developed to meet the growing demand and only then would the soaring prices ease. The real estate sector is calm due to the summer vacation, he added in remarks to another local Arabic daily.

Real estate transactions were worth barely QR410.54m in the week from August 2 to 6, according to Real Estate Registry figures quoted by QNA yesterday. The Registry is at the Ministry of Justice.

Another real estate expert, Ahmad Al Orouqi, said that the low weekly real estate transaction figures were an exception. "This happens at times.

The real estate market is expected to pick momentum next month when the summer holidays end and people return from overseas vacations," said Al Orouqi. The market will pick momentum in a gradual manner, he added.

Rashid Al Dosri, another property market expert, said in remarks published by a local Arabic daily that land prices had doubled in the past two years. [The Peninsula]

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