If you have been a resident of Qatar for the past few years, you may have noticed the recent downward trend in house rents in the country.

Now, after almost two years of decline in house rents, things have been relatively stable for the past three months, said consultancy and research firm DTZ Qatar in a report.

In the report, the firm said that the trend in Qatar shows that rents have declined by approximately 10% to 15% in the last year alone, thanks to an increase in the supply of apartments.

The firm said it had seen an increase in leasing activity in the country in the third quarter of 2018, but it was mainly existing customers looking for cheaper accommodation rather than incoming residents.

The lack of growth of demand, as well as completion of newer units, will mean that oversupply remains the order of the day, reported Gulf Times.

The asking rents for apartments in key areas like Al Sadd, Bin Mahmoud Al Mirqab and Bin Omran have fallen by up to 20% since 2016. But the demand for high-quality accommodation remains high.

The rents in West Bay and The Pearl Qatar have dropped by 10% to 15% in the last year. Owners are now giving incentives, including rent free stay for a month, for new tenants.

After several years of high rents, the recent decline has restored a sense of affordability in the residential sector, reported The Peninsula.

Lower rents have also pushed residents to look out for higher quality houses which many had previously considered unaffordable.

The completion of new apartments in glitzy neighbourhoods like The Pearl Qatar and Lusail is likely to put further downward pressure on rents.

New demand for accommodation is likely to be generated by those in the service sector as construction projects complete prior to the 2022 Fifa World Cup.

Rental levels of QR4,500 for a one-bedroom apartment up to QR6,500 for a three-bedroom apartment are currently being sought on average for mid-market rental levels.

The office leasing market has also been unable to see the rise of any new demand. While many offices have relocated within Doha, new offices have failed to come in. The Msheireb development is likely to become one of Doha’s prime office locations of the future.

In the hospitality sector, hotel supply surpassed 25,800 keys by Q3, with 4-star and 5-star accommodation comprising 87% of total available keys. An additional 16,000+ hotel room and hotel apartment keys are currently at various stages of planning and construction.

Qatar Living has a rich listing of residential properties to fit every budget. If you are hunting for a house, head over to the properties section here.