Almost 90% of residential units at Pearl-Qatar have been occupied

The financial slowdown does not seem to have affected occupancy rates at the upscale Pearl-Qatar, if recent figures are to be believed.

The occupancy level in various residential towers at The Pearl-Qatar is healthy at around 90 percent, Qatar Tribune quoted DTZ Qatar Senior Surveyor Richard Rayner as saying.

Unlike other high-end residential areas of the country, rents at The Pearl are yet to witness any decline, he said. The rents have stabilised in 2016 after increasing steadily between 2011 and 2015.

Instead of lowering rents, Rayner said, owners are offering incentives such as rent-free period and rents inclusive of utility bills to attract new tenants. He, however, said that if non-occupancy rises from the current levels, it might cause rents to fall in some areas.

According to DTZ estimates, the supply of apartments at The Pearl may increase by more than 30% in the coming year as new towers in both Porto Arabia and Viva Bahriya near completion.

About 90% of properties at the Pearl made available for sale or leasing have been bought or leased, he said, adding that many investors are still looking to buy properties at the iconic island.

While freehold property prices at The Pearl-Qatar increased between 2011 and 2015, the official said 2016 has seen a fall in sales.

Local investors make up the majority of the purchasers, he said, adding that many foreign investors are also interested in buying the upcoming apartment units.

Resale units at The Pearl typically trade at between QR13,000 and QR15,000 per sqm, and new units can fetch in excess of QR17,000 per sqm.