DOHA – Average apartment rents across Doha continued to see downward pressure in Q1 2024 especially in the 1-bedroom (1BR) category, according to an analysis by Qatar-based online real estate marketplace hapondo.

In the prime apartment markets, West Bay recorded higher asking rents in both 1BR and 2-bedroom (2BR) categories in Q1 than the previous quarter. Meanwhile, the average rents in Lusail and The Pearl in several bedroom categories have either decreased or remained the same quarter-on-quarter.

Findings in the prime apartment districts:

  • West Bay: Options of 1BR and 2BR apartments have become more expensive in Q1 by 8% and 10% on average, respectively. West Bay is now the most expensive place for a 1BR apartment and the third for 2BR in Qatar based on median prices of available stock.
  • Marina District, Lusail: Average apartment rents in Marina District in Lusail dropped by 4% (1BR) and 14% (2BR). Meanwhile, from a median rent of QAR 8,600 for a 1BR and QAR 11,250 for a 2BR, Marina District’s median asking rent was QAR 7,625 (1BR) and QAR 9,000 (2BR).
  • Fox Hills, Lusail: 1BR average rent remained relatively stable, while the 2BR category decreased by 4% (2BR). These price trends have been making Lusail more affordable to lessees and have the potential to attract more tenants who are living in Doha.
  • The Pearl: One-bedroom apartment rents in The Pearl have remained stable since Q3 2023 with a median rent of QAR 8,500. However, the 2BR average rent dropped by 6%, reflecting pressure to fill out vacancies.

1BR apartment rents in Fereej Bin Mahmoud, Al Sadd, Umm Ghuwailina, and Old Airport witnessed a double-digit decrease in average prices, while Najma saw a double-digit increase.

Meanwhile, asking rents for the 2BR apartment category have generally remained stable across Doha. Interestingly, the average asking rents in Al Thumama, Umm Ghuwailina, Al Souq, and Nahma have increased.

Ahmad Al-Khanji, Chief Executive Officer of hapondo said: “The increase in average asking rent in West Bay apartments reflects the resilience of this business district for the residential market. People continue to be drawn to living in West Bay due to its strategic proximity to offices and Doha’s downtown.”

“At the same time, the downward pressure on rents in Lusail will certainly be enticing to tenants who are looking for great deals today. We expect the residential market to pick up as more commercial activities happen in Lusail and as more offices move to this area,” he continued.

With thousands of listings in its database, hapondo tracks changes in general market prices of residential and commercial properties for rent and for sale across Qatar with the aim of helping foster real estate transparency.

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For more details, email info@hapondo.qa

hapondo uses both average rent and median rent for its analysis. Average rent is computed based on the available stock during a period. Meanwhile, median rent is defined as the mid-value in a basket during a period. Average rent and median rent are not necessarily equal. Furthermore, the movement of average rent and median rent do not necessarily point to the change of rental value of a specific property.