With a steady increase in housing stock, rents in Qatar’s capital, Doha, fell by 15 to 20% in the second quarter of 2010. This has been especially apparent in the prime areas of West Bay and Pearl-Qatar, an artificial island and major residential and commercial development currently under construction in the Persian Gulf.
The rental markets in areas such as Al Sa’ad, Bin Mahmoud and Old Airport have shown more stabilization since the first quarter of the year.
Banks have also become more flexible with their lending requirements, though rigorous mortgage restrictions remain in place. This and the decrease in rents have provided the public with a wider selection of housing options, particularly for prospective tenants and buyers interested in units at Pearl-Qatar.