WHAT DO RENTAL PRICES LOOK LIKE 1 YEAR LATER?
By QL Properties •
The FIFA World Cup ended at the end of December in 2022 and at the time, there was a very high demand for residential property in Qatar. Not only Qatar but neighbouring countries saw a surge in bookings too. Very often with high demand, there is an increase in price and we were all witness to the increase in short term rentals costs over the World Cup Period.
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We received many messages from our social media followers who were looking for alternative places to live. Some were not able to renew their contracts and some had seen an increase in rental costs. We also received comments from residents who were not happy about the cost of rent and wanted to know if there had been any change.
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So twelve months on, we wanted to show a comparison from February 2022 to February 2023. Sandwiched in between was of course the easing of Covid 19 restrictions and also the (the greatest) World Cup tournament, ever.
We took the example of a fully furnished one bedroom apartment in various locations and compared the average rent of the thousands of property listings on our website, from hundreds of real estate companies and brokers.
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Take a look at the data below for some surprises.
February 2022 average price - 7,750
February 2023 average price - 8,671
Lusail saw an increase in rent of nearly Qr1,000 per month compared to last year. The popularity of Lusail continues to increase with the introduction of new places of interest such as Place Vendome, Al Maha Island, Velero Hotel, Crescent Park and Lusail Boulevard.
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THE PEARL ISLAND
February 2022 average price - 10,085
February 2023 average price - 9,308
This Mediterranean-Arab inspired location is a thriving living space and tourist destination. With thousands of people choosing to spend their evenings and weekends at the various attractions, The Pearl Island is more popular than ever. The decrease in the average rental price sees one bedroom units become more accessible to prospective residents.
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February 2022 average price - 8,857
February 2023 average price - 6,251
Qatar's business district, West Bay, sees a significant drop in the average rental price compared to February last year. With many residential towers and long & short stay hotels dropping their prices, serviced apartment living became more accessible than ever.
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February 2022 average price - 9,115
February 2023 average price - 7,050
Did the decrease in rent prices have something to do with Xavi leaving the Al Sadd SC to go to FC Barcelona? Most likely not, but Al Sadd sees probably the highest decrease in the average price of a one bedroom apartment than any other location. With more affordable units opening up around Qatar, particularly in Al Wakrah and Al Wukair, this could be a reason for the more competitive pricing in Al Sadd.
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February 2022 average price - 3,500
February 2023 average price - 3,984
To everyone's surprise, the average price in Old Airport actually increased. Old Airport is a popular location sitting between D and E ring road and easily accessing Al Thumama and Hamad International Airport. Old Airport is also home to the famous Matar Al Qadem Street, a highly convenient stretch of road with useful businesses not to mention being surrounded by strip parks.
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