Doha – The occupancy level in various residential towers at The Pearl-Qatar is healthy at around 90 percent, DTZ Qatar Senior Surveyor Richard Rayner has said.
Unlike other high-end residential areas of the country, rents at The Pearl are yet to witness any decline, Rayner told Qatar Tribune.
The rents have stabilised in 2016 after increasing steadily between 2011 and 2015, the DTZ official said.
Instead of lowering rents, Rayner said, the owners are offering incentives such as rent-free period and rents inclusive of utility bills to attract new tenants. He, however, said that if non-occupancy rises from the current levels, it might cause rents to fall in some areas.
According to DTZ estimates, the supply of apartments at The Pearl may increase by more than 30 percent in the coming year as new towers in both Porto Arabia and Viva Bahriya are nearing completion.
About 90 percent of properties at the Pearl made available for sale or leasing have been bought or leased, Rayner said, adding that many investors are still looking to buy properties at the iconic island.
While freehold property prices at The Pearl-Qatar increased between 2011 and 2015, the official said 2016 has seen a fall in sales.
Local investors make up the majority of the purchasers, he said, adding that many foreign investors are also interested in buying the upcoming apartment units.
As per DTZ Qatar estimates, resale units at The Pearl typically trade at between QR13,000 and QR15,000 per sqm, and new units can fetch in excess of QR17,000 per sqm.
Despite the downturn witnessed in realty sector recently, Rayner said, The Pearl is still the favourite choice for both local and foreign investors when it comes to owning residential property in Qatar.
Almost half of the 60-tower residential project at The Pearl Qatar is complete and given the positive response from investors, the rest is expected to be completed on schedule, he said.