Qatar PR Network, Online Press Release from qatar and Doha city
 
Mall, Retail & Hospitality(Real Estate & Retail)
Filter PR by
  
Doha Apartment Rents Jump 22% in 12-months
 

Doha, Qatar 7, December 2022: Apartment rents in Doha have experienced a 22% jump according to global property consultancy Knight Frank’s bi-annual Qatar Real Estate Market Review.


Faisal Durrani, Partner – Head of Middle East Research explained: “The prime residential leasing market for apartments for instance has seen monthly rents grow by 22% over the last 12 months to an average of about QAR 13,100, with three-bedroom apartments at The Pearl commanding the highest lease rates. We feel this is mainly linked to the influx of new expatriate employees as Covid-restrictions abate, but also landlords hoping to capitalise on any shortage in hotel rooms”.


In the sales market, Knight Frank reports that transactional volumes have slipped by 40% over the last 12-months and attributes this to sharp price increases. 
Adam Stewart, Partner – Head of Qatar office added: “There is a strong air of confidence prevailing in Qatar at the moment. Many sellers have been pushing up asking residential prices for several months, but we may have crossed a price threshold that is considered both sensible and achievable. Clearly there are other factors at play too, such as rising interest and mortgage rates, which are dampening demand as well.” 
Prime values for apartments have breached QAR 14,000 psm, while villas cost a little over QAR 7,100 psm, an increase of 3% on this time last year, according to Knight Frank’s analysis. 


OFFICES
In the office market, average Grade A rents have fallen by 6% between Q3 2021 and Q3 2022. 
Stewart continued: “The office market is going through a significant shift, with demand being effectively moved away from West Bay to Lusail as authorities push for public-sector linked entities to relocate to the latter. Average lease rates in Lusail – c. QAR 90 psm – are cheaper than West Bay, which adds to the appeal. What this means however is West Bay is inevitably likely to experience downward pressure on rents”.
Knight Frank says, new occupiers continue to arrive, especially at Qatar’s two freezones - Ras Bufontas and Umm Al Houl – with Google, BM Cyber, Invent Solutions, Thales, and Macallan among the latest to lease offices.


RETAIL
Elsewhere, in the retail market, annual lease rates are holding steady at an average of QAR 224 psm. 
Retailers have also begun to broaden their offerings by including additional F&B, leisure, and lifestyle components into their projects to mitigate the effects of the ever-expanding e-commerce sector and increase consumer focus on experiential retail.


“The retail scene is getting increasingly competitive. As e-commerce penetration expands and consumer behaviour and expectations evolve, traditional shops face challenging market conditions. As a result, retailers are extending their online presence to sustain and grow their customer base”, concluded Durrani.

 

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 4368 times
PR Category : Real Estate & Retail
Posted on : Wednesday, December 7, 2022  11:25:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of QatarPRNetwork.com.
Previous Story : Mall of Qatar Announces the Opening of more than 38 New Stor...
Next Story : Raffles and Fairmont make Debut in Qatar
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Slay the sun-kissed girl makeup look: Your Ultimate Guide [35192-Views]
Catrice Cosmetics Introduces the Clean Girl Makeup Look with New Essentials! [33761-Views]
Hysek reveals iconic timepieces at Watches & Wonders 2024 [33726-Views]
Ogilvy Appoints Antonis Kocheilas Global Chief Transformation Officer [25236-Views]
Catrice Unveils the Spring/Summer 2024 Collection: Introducing Shine Bomb Lip Lacquer! [23768-Views]
POCO Sets New Standard with Global Launch of F-Series in Dubai [19577-Views]
Unleash Your Inner Royalty with "Call me Queen" Dramatic False Lash Effect Mascara by esse... [19478-Views]
Ground Handling Priorities: Safety, Global Standards and Sustainability [18607-Views]
Panasonic Announces FY24 Business Strategy For Sustained Growth in Middle East and Africa [15896-Views]
Packed crowds flock to Friday's races at the AlUla Camel Cup 2024 [14771-Views]
WFP News Video: WFP Warns Unprecedented Drought and Floods Causing Surge in Climate Related Hunger [13990-Views]
Air Cargo Demand Continues Strong Growth into Q2 [13151-Views]
Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists In Sudan, Haiti, Mali... [12220-Views]
Urgent Call To Action To Address Historic El Niño Drought In Southern Africa [12142-Views]
IATA SAF Registry [11627-Views]
Last-Minute Eid Shopping With Max Fashion's New Collection [5446-Views]
Visit Qatar to take centre stage at Arabian Travel Market [5035-Views]
Qatar Airways to Participate in ATM Dubai 2024 with the World's First AI Digital Human Cabin Crew, S... [4491-Views]
Pickl Invites Foodies to its First Ever Grand Opening in Doha [3441-Views]
UAE and Qatar Sign Double Taxation Avoidance Agreement [3425-Views]
 
RSS Facebook Twitter LinkedDin QatarPRNetwork.com on Instagram
 
Top Sections
 
Top Stories