‘Over 6000 residential units in pipeline for 2024’

Doha, Qatar: Qatar has seen tremendous growing demand for residential properties in recent months as industry leaders note many new projects are in th...

Doha, Qatar: Qatar has seen tremendous growing demand for residential properties in recent months as industry leaders note many new projects are in the pipeline for the current year.

Speaking to The Peninsula, Anum Hassan, who leads the Research team at ValuStrat said: “Rents decreased by 7 percent per year by the end of 2023, and there was no change in Q4 of that year. Over 6,000 units are in our pipeline for 2024, and most of them are planned apartment buildings.”

The market expert highlighted the post-FIFA fluctuation in the residential market, which saw a fall in rental prices across the country.

“After the World Cup 2022 concluded, we witnessed a significant decline in occupancy during the first half of 2023w. Rents thus decreased by 5 percent YoY in comparison to Q2 2022. However, a slowdown in the growth of the residential supply and an increase in demand during the second half of the year caused the drop in rentals to slow down,” she said.

Meanwhile, Qatar’s capital city tops the most sought-after places to live, making it convenient for individuals to commute to the business and financial hubs.  The expert also mentioned the rising occupancy rate in 2024 as compared to its previous years.