Qatar Property Sector Shows Stable Outlook for Q2 2024

DOHA: The Q2 2024 report from hapondo reveals a strong performance in Doha’s residential property market, following a slower start to the year. The report highlights notable improvements in rental rates, signaling a recovery in various segments of the market.

In the second quarter, key downtown areas such as Fereej Bin Mahmoud, Musheireb, Old Airport, and Al Mansoura experienced increases in average rent for one-bedroom apartments. Fereej Bin Mahmoud saw a 4.8% rise, Musheireb 6.6%, Old Airport 7.3%, and Al Mansoura 2.5%. Conversely, Al Sadd, Najma, and Doha Jadeed maintained stable rental conditions.

The two-bedroom apartment sector also showed robust growth, with Najma rents rising by 3.9%, Umm Ghuwailina by 4.2%, Fereej Bin Mahmoud by 4.4%, and Musheireb by 2.2%. Meanwhile, rents in Doha Jadeed and Old Airport remained stable.

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Despite facing downward pressure in the one-bedroom apartment category, neighborhoods such as West Bay, Marina, The Pearl, and Fox Hills saw a positive shift. Notably, Fox Hills exhibited signs of recovery after several quarters of declining rents. The average rent for two-bedroom apartments in Fox Hills increased by 1.7%, and one-bedroom rents saw a slight 0.5% rise. The gross rental yield in Fox Hills also improved marginally from 6.4% in Q1 to 6.5% in Q2. The area’s rental yield for two-bedroom apartments matched West Bay’s, at 6.8%.

The report highlights that prime neighborhoods, including West Bay Lagoon, Legtaifiya, and The Pearl, saw a 2.2% increase in villa rental prices per square meter, while non-prime villas experienced a 5.7% rise. The Pearl notably reported a significant 17.7% increase in average rent per square meter, reflecting high demand in prime locations. Other areas with substantial villa rental growth included Old Airport (14.2%), Al Thumama (5.9%), and Al Mamoura (4.4%).

Ahmad Al Khanji, CEO and Co-Founder of hapondo, commented, “Q2 has shown a more vibrant residential market, with increased rents favoring downtown apartments, the two-bedroom apartment sector, and the villa market overall.”

The report underscores a positive outlook for Doha’s property market, with significant gains in rental rates and yields in both prime and non-prime areas.

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