The third quarter of the year saw high demand due to the nation’s best locations. Tenants who favored renting apartments close to the business center were increasingly choosing to live in downtown residential areas such as Lusail, West Bay, Pearl, and others.
In a recent report, Hapondo, Qatar’s realty platform analyzing the markets explained that “Convenience is a primary driver of living in apartments. Buyers want to either live nearer the city or rent their properties to tenants who want to be nearer places of work.”
However, Hapondo pointed out that the residents aren’t searching for prime locations and that the gorgeous amenities, facilities, and services are also considered.
Two noteworthy emerging trends in the nation are highlighted by the most recent date the platform made public. First off, furnished apartments dominate the rental market. In Q3 of this year, over three out of every four apartments that are listed on the website are furnished. Twenty percent of these listings are semi-furnished in the interim.
Second, there are an increasing number of rental apartments listed on rental listing sites that are owned and run by hotels and provide amenities like cleaning that are not provided by regular rental units.
Lusail and The Pearl are the most sought-after neighborhoods for apartment buyers, closely followed by West Bay. Although both cities continue to rank equally in terms of “search impressions,” the researchers point out.
According to the real estate platform’s listings, The Pearl has a higher median price than Lusail when it comes to studio, one-, two, and three-bedroom apartment types.
However, regarding a weighted average price per square meter, Lusail offers the most expensive options for 1 and 2-bedroom apartments in the nation. The most costly one-bedroom properties are listed in an interesting project list that is included in the report. The Qateifan Island leases at QR16,687 per square meter, while the WaterFront district within Lusail registers tops at QR20,128 per square meter. The average unit cuts from the two major cities are cited by analysts as one of the primary causes.
The apartment leasing market is dominated by one- and two-bedroom units, which make up 37% and 39% of all listings, according to the quarterly property market report.
The Pearl Qatar has the highest monthly median price of any two-bedroom apartment category, at QR12,000, followed by Lusial Marina, Msheireb Downtown, West Bay, Fereej Bin Mahmoud, and Lusail Fox Hills.
West Bay leads the residential areas with the highest monthly median price for one-bedroom apartments, followed by Downtown Al Ghanim, Al Mansoura, Fereej Bin Mahmoud, Lusail Marina, and The Pearl.
On the website of the real estate platform, 3 out of 4 apartments are furnished, and 14% are hotel apartments. A few locations, such as West Bay, Najma, and Al Mansoura, have one-bedroom median prices higher than the two-bedroom ones because these listings are typically more expensive and dispersed throughout the areas. “In some places such as West Bay, Al Sadd, and Doha Jadeed, the median price of 1BR is more expensive than a 2BR,” it said.
Furnished apartments, however, are probably going to be even more expensive than other conditions, and the availability of furnished options tends to affect one-bedroom apartments more than hotels with extended stay options.