Surge in Demand for Prime Residential Areas in Qatar during Q3 2023

Surge in Demand for Prime Residential Areas in Qatar during Q3 2023

In Q3 2023, the demand for key residential areas in Qatar reached unprecedented levels, driven by the allure of the nation’s prime locations. Tenants seeking proximity to the business center increasingly opted for downtown residential hubs such as Lusail, West Bay, Pearl, and others.

Hapondo, a leading realty platform in Qatar, revealed in a recent market analysis that convenience plays a pivotal role in apartment living. Residents are drawn to locations near the city or in close proximity to workplaces, emphasizing the importance of a strategic address.

However, Hapondo highlighted that residents aren’t solely focused on prime locations; they also prioritize beautiful amenities, facilities, and services.

The latest data from the platform unveils two emerging trends in Qatar’s real estate landscape. Firstly, furnished apartments dominate the rental market, accounting for over 75% of listings in Q3. Additionally, 20% of these listings are semi-furnished, signaling a shift in tenant preferences.

Secondly, there’s a noticeable rise in rental apartments managed by hotels, offering unique amenities such as cleaning services not typically found in regular rental units.

Lusail and The Pearl emerged as the most sought-after neighborhoods for apartment buyers, closely followed by West Bay. Although search impressions for both cities are equal, The Pearl commands a higher median price across studio, one-, two-, and three-bedroom apartment types.

In terms of a weighted average price per square meter, Lusail leads in offering the most expensive options for 1 and 2-bedroom apartments. Notably, the Qateifan Island and WaterFront district within Lusail command the highest prices per square meter.

The one- and two-bedroom units dominate the apartment leasing market, constituting 37% and 39% of all listings, according to the quarterly property market report.

The Pearl Qatar boasts the highest monthly median price for two-bedroom apartments at QR12,000, followed by Lusail Marina, Msheireb Downtown, West Bay, Fereej Bin Mahmoud, and Lusail Fox Hills.

For one-bedroom apartments, West Bay leads with the highest monthly median price, followed by Downtown Al Ghanim, Al Mansoura, Fereej Bin Mahmoud, Lusail Marina, and The Pearl.

On the real estate platform’s website, 75% of apartments are furnished, and 14% are hotel apartments. Notably, in certain locations like West Bay, Najma, and Al Mansoura, the median prices for one-bedroom apartments surpass those of two-bedroom units, emphasizing the diverse and dispersed nature of high-end listings.

Furnished apartments, while in high demand, tend to be pricier than other conditions, impacting one-bedroom apartments more than hotel apartments with extended stay options. Qatar’s dynamic real estate market continues to evolve, offering a variety of choices to cater to residents’ diverse preferences and needs. #QatarRealEstate #PropertyTrends #LuxuryLiving #HapondoInsights

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