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Prime Qatar property rents slump by up to 15% in past year

Palestinian workers install solar panels atop the roof of a medical centre in Gaza City March 1 2016 REUTERS Ibraheem Abu Mustafa(1)Prime residential apartment rents in Qatar have fallen by between 5-10 percent over the past year, according to a new report by DTZ.

Rents for mid-range units did not drop as much but DTZ said it is anticipated that they may soften further in the third quarter as new supply comes to the market in areas such as Bin Mahmoud and Al Mansoura.

Prime residential apartment supply is also expected to increase significantly over the coming year, with more than 3,000 new units nearing completion in West Bay, and The Pearl-Qatar, the Q2 2016 Qatar market report added.

It is likely that new supply will see rents continue to soften, reversing the trend of high increases experienced between 2011 and 2015, DTZ said.

 

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