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Saturday 25 September 2021
HomeWorldQatar rentals to rise 10pc annually until 2022

Qatar rentals to rise 10pc annually until 2022

Qatar’s rentals are set to grow at an average rate of 10 per cent until 2022, with its fast-growing land value and rising construction costs, said a report.

The rents of commercial space and residential units are expected to witness significant growth in the coming few months, said the Peninsula report.

With changing market dynamics in Qatar’s real estate sector, rents are not fixed solely on the demand-supply gap, but increasingly on the basis of land value and construction costs, it said.

The construction costs have increased about 20 to 30 per cent over the past year, while rents in brand new residential and commercial units have gone up 25 to 50 per cent in some most sought-after locations, due to the hike in costs.

Meanwhile, Qatar has been ranked first in terms of cost of living in the region, with housing expense being its main driver, said a recent market intelligence report.

The rentals had gone up by 15 per cent during the first half of 2014 from a year ago and have further increased by five per cent during the past two months, it said.

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