An estimated 13,500 residential units are projected to be completed by the end of 2020; 65% of which are expected to be in The Pearl and Lusail, according to research and consultancy firm ValuStrat.
In its third quarter report, ValuStrat said as many as 1,250 residential units (apartments and villas) were added this quarter, bringing total supply to 295,950 units.
As many as 1,000 apartments were added to stock from recently delivered projects in The Pearl (Viva Bahriya), Lusail (Fox Hills and Waterfront district) and Msheireb, it said.
Highlighting that the United Development Company launched Floresta Gardens in The Pearl, it said once completed by the end of 2022 the project will comprise of 10 mid-rise residential towers and 114 villas.
The report also said the completion of villas and compounds in Al Khor, Abu Hamour, New Salata and Muraikh added 250 new properties to existing supply.
ValuStrat found that residential median asking rents declined 7.2% year-on-year and 1.6% quarter-on-quarter during the review period. The median monthly asking rent for apartments fell 1.6% quarterly and 7% annually.
Finding that The Pearl, West Bay and Lusail saw median monthly asking rental rates decline 8% annually, the report said occupancy in The Pearl increased as a result of declining rents and various incentives being offered.
Highlighting that the median monthly asking rent for villas fell by 1.6% quarter-on-quarter and 8.5% year-on-year; it said the highest annual falls in rent of up to 10% were experienced in Abu Hamour, Ain Khaled, West Bay Lagoon and Al Duhail.
Citywide, relatively older residential projects were offering full furnishing as a further incentive in addition to 1 or 2-months’ rent- free periods or inclusion of utilities.
On the residential sales, ValuStrat said the median transacted ticket size for houses declined 6% quarterly as well as annually. The quarterly falls in median transacted ticket size can be attributed to lower priced transactions experienced in Al Aziziyah, Al Khor, Umm Lekhba, Abu Sidra and Umm Karn and lack of transactions in prime locations.
The median transacted price for residential houses was QR2.6mn. The five largest ticket sizes were seen in The Pearl, Umm Slal Ali, Muaither and Leqtaifiya.
Some 54 transactions were recorded for residential buildings, as Al Sadd, Al Dafna, Fereej Bin Mahmoud, New Doha and Rawdhat Al Khail witnessed the largest transacted prices.
The report said till August 2019, transactional volumes in The Pearl and West Bay Lagoon were 394 units worth a total of QR877mn.
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