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BY ERIKA WIDEN
Doha: The residential property market has witnessed a mixed performance last month with a positive absorption seen in different areas in parallel to an increase in supply, according to Century 21 Qatar last month’s market report.
Apartment’s rental highlighted an optimistic increase with most popular areas under study.
New residential apartments available in Al Sadd area with level monthly rates have assisted the absorption of a number of buildings, as seen in Muaither and Muntazah area, which has lead to a rental increase in less than 10 percent, meaning an unfurnished two bedroom apartment can be obtained for QR5,000 a month. Whereas; in Al Sadd an unfurnished apartment on average is at 6,500 Qatari Riyals per month.
The increase in Old Airport, Najma and Mansoora area stood between 4 percent and 6 percent, while Al Dafna, Bin Omran and Madinat Khalifa faced a slight increase of less than 2 percent, which reflects a market possible ability to remain constant despite its diminutive size compared to supply volume, according to the report, it also reflects a continuous activity in the apartment market to host tenants seeking house shifting as well as new tenants. On the other hand, in the villa rental sector, it has been less unfortunate with half of the areas under study to have witness a decline, with a margin at less than 6 percent in Al Matar area with the exception of Ain Khalid with an approximate of a 12 percent decline.
This high declines is primordially attributed to new compounds leased out for a low rental reaching 8,000 Qatari Riyals a month, whereas in Al Waab and Abu Hamour are both increasing and indicating a growth in demand.