Low demand leads to 10 to 20% fall in rents for old buildings in Qatar
Over the last six months, the rents of old residential buildings and partitioned villas in Qatar have fallen between 10 and 20%, according to people in the know.
This is because residents of older buildings in the country have started to slowly move to buildings with better facilities, according to The Peninsula.
The massive infrastructure development of areas outside the city limits has also encouraged people to look to beyond the city’s borders.
“Oversupply and relatively low demand for old buildings in areas like Najma, Mansoura and Old Airport has led to a fall in rents by 10 and 20%. A majority of tenants are now preferring new buildings with good maintenance services and facilities,” Roots Real Estate General Manager Ahmed Al Arouqi told The Peninsula.
The fear of government-ordered demolition of old buildings at any time also makes it less attractive to new tenants.
Although land is still available in Doha, it is highly priced and that has prompted builders and developers to look outside city limits.
While prices of plots and ready-to-occupy buildings in Doha have gone up 100% in the last three years, those in areas outside Doha have increased by only 20%. However, this equation could change due to higher demand.
However, there are some people who still hesitate to move out of older buildings because of concerns over work commute and easy access to schools.
Are you thinking of moving soon? Have you started to feel the decrease in rents?
There is no check & balance..
Yesterday i met two newly hired security guards. they told me they are living in two new villas, without ACs & water.
Their residence is on less than 5-10 drive from main worldcup stadium.
what is the definition of good service maintenance, good structure of building, facilities and furniture exactly is being discussed here.. ??? the new ones are worst than old ones... and old ones are more worst than... only rents are getting higher and higher... where is it 20% less funny :) 3000 worth house was bloated to 8000 then 20% less would be 6400... Wow what a great fall.. moreover there are some greedy how r making gypsum's all around villas and renting them out fearlessly :) Authorities should seriously look into it put some check and balance...
Don't be the frog of the well- Look out for better facilities & options. Give some hard time to such creepy owners.
I'm shocked to see how they have exploited the standards here. so called studio apartments etc.
Worst thing is authorities actions towards facilitating general public by complying with standards, basic needs & price control. Perhaps it is businessmen from various low standard backgrounds applying their nasty practices to loot & fool public.
Shall i believe 1x2.5m as a TV lounge?
1.5x2m as a Kitchen ?
15-20 sq.m as a Studio apartment??
I live in old building in Old Al Ghanem and my rent has increased by 10% this year last year by 5%.