DOHA: Qatar real estate market is expected to supply 35,000 new residential units by 2015 and 160 towers by 2021, said a report issued by Al Asmakh Real Estate Company.
Qatar is witnessing a four percent population growth annually from 2011 to 2014, while 3,000 residential units have been added in 2011 and 18,000 residential units in 2012 to meet the growing demand of the local market, Al Sharq reported yesterday.
Around 11,000 residential units will be added this year.
Despite huge supplies of residential units, the rent was stable because the demand continues to rise due to the growing population of the country.
The rent of an apartment in Doha ranges between QR8,000 and QR19,000 per month, said the report.
The rent of a furnished apartment at The Pearl-Qatar and West Bay reaches QR15,000. However, the apartments in these areas are being sold from QR14,000 to QR22,000 per square metre.
Fully furnished apartments in commercial areas like Al Saad, Bin Mahmoud, Airport Street, Al Muntaza and Al Mansura are given on rent for QR5,000 for a single bedroom apartment, QR7,500 for two bedrooms, and QR9,000 for three bedrooms.
The occupancy rate of residential units soared by 90 percent due to a huge influx of foreign workforce for the infrastructure development of the country.
The rent of villas from single bedroom to three bedrooms ranges between QR11,000 and QR18,000 per month.
However, the rent of main villas comprising three to five bedrooms in residential complexes are between QR18,000 and QR23,000.
The rent of villas increased a little in 2012 and it is also expected to rise this year since the occupancy rate soared to 90 percent, suggests the report.
The rent of office premises in shopping malls ranges between QR150 to QR250 per square metre.
Office spaces in the towers of West Bay are available for QR150 per square meter, and it ranges between QR100 to QR130 in Doha.
The Peninsula
