Home GCC Qatar Qatar residential rental levels increase by 7 per cent in 2015
Qatar residential rental levels increase by 7 per cent in 2015
15 March 2016 3:50 AM By Ed Clowes
Despite this, growth is down from 14 per cent in 2014
Residential rental levels increased in Qatar by 7 per cent in 2015, despite low oil prices and ongoing economic uncertainty, according to a report by US real estate consultancy CBRE.
Growth was most evident in secondary and more affordable locations, while demand remained high for smaller units in central areas.
"There has been increasing evidence of tenant relocations and downsizing, with some occupiers moving into smaller units or choosing more affordable accommodation in less prominent areas of Doha," says Matthew Green, head of research and consulting at CBRE Middle East.
Despite this, growth is down from the 14 per cent increase achieved during the same period in 2014.
From a total housing stock of roughly 180,000 units during 2010, Doha's total housing stock grew to more than 226,500 units at the end of 2015, translating into a circa 5 per cent annual growth rate.
Average office rentals in Doha remained unchanged during the second half of 2015. "In terms of the future office supply pipeline, more than 32 per cent of all office space set to be completed over the next five years will be completed in the Lusail area, compared with about 29 per cent in West Bay," says Green.
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