Average rents across Qatar witnessed a downward trend during the first three months of the year

Experts at hapondo, Qatar's online real estate market research platform, reported that average flats in the country had a fall in numerous places during the first quarter of the year.  An experts' analysis revealed that rental prices in Doha's famous Lusail City and The Pearl Island have decreased, despite the city's thriving financial center, West Bay, remaining strong.

Analysts noted that, particularly in the one-bedroom category, average rents in Doha saw a decline in the first three months of the year. 

In contrast to the same period previous year, West Bay had higher asking rentals in the first quarter for both one- and two-bedroom flats. 

Conversely, average rentals in Lusail and The Pearl for different bedroom categories have either decreased or remained stable Q-O-Q.

In contrast to the first quarter of 2023, the average rent for a one-bedroom and two-bedroom residential apartment in West Bay climbed by 8% and 10%, respectively, in Q1 2024. Based on median pricing of available stock, data shows that the West Bay business district is still the most costly place to rent a one-bedroom apartment in Qatar. It also ranks third in the category of two-bedroom flats. 

In the meantime, the one-bedroom and two-bedroom average apartment rents in Lusail's Marina District decreased by 4% and 14%, respectively. 

According to the survey, the median asking rent for apartments in Marina District decreased to QR7,625 for one-bedroom apartments and QR9,000 for two-bedroom apartments, from a median rent of QR8,600 for one-bedroom apartments and QAR11,250 for two-bedroom apartments.

In Fox Hills, Lusail, the average rent for one-bedroom apartments decreased by 4%, but the cost for two-bedroom apartments was mostly same. The researchers point out that these pricing patterns have been helping lessees find Lusail more reasonable and may help the property draw in more renters from Doha. 

In contrast, the median rent for a one-bedroom apartment at The Pearl Qatar has remained constant at QR8,500 since the third quarter of 2023. 

The average cost of a one-bedroom apartment decreased by double digits in other Doha neighborhoods such Fereej Bin Mahmoud, Al Sadd, Umm Ghuwailina, and Old Airport, but rent in Najma increased by double digits. 

The survey also notes that while average asking rents in Al Thumama, Umm Ghuwailina, Al Souq, and Najma inclined, asking rents for two-bedroom apartments indicate strong attitudes throughout Qatar's capital, Doha.