Rent for residential apartments increases in key neighborhoods across Qatar in Q3 2024

According to the online real estate research portal Hapondo, the average asking rent for residential units in Q3 2024 shows a notable increase in important neighbourhoods in Qatar. Rents in the best apartment markets continued to rise between July and September. The average monthly rent for a one-bedroom flat listed in the West Bay region increased by more than 7% to QR9,760, while in Lusail's Marina District, it increased by 4.5 percent to QR7,980, as per the the experts at Hapondo.

In the meantime, rental prices for two-bedroom apartments have increased significantly on a quarterly basis in both West Bay and Marina.

The median rentals for medium-sized villas with three to five bedrooms have increased in key residential regions. The median monthly rent at The Pearl increased from QR29,930 to QR30,900. 

Researchers point out that while rentals in Al Mamoura, Old Airport, and Al Waab stayed the same, the median rents of listed mid-size villa homes have increased by an extra QR500 to QR1,000 per month in popular residential neighbourhoods like West Bay, Al Hilal, and Ain Khaled.

According to the most recent figures released by the National Planning Council, the population of Qatar grew from 2.8 million in June 2024 to 3.5 million in August, with more than 48% of the population being expatriates. 

According to the report, the Qatar Real Estate Price Index, however, also recovered from a two-year low performance in April during the third quarter of the year. It went from 202.46 points in April to 215.05 points in August, indicating a slow recovery of selling prices nationwide.