Report: High-end housing costs in Qatar fall in Q2 of 2016

The cost of renting a luxury apartment or villa in Qatar dropped between QR1,000 to QR3,000 a month in the second quarter of this year, a new report has found.

According to real estate company DTZ’s Q2 2016 Qatar Market Report, an exodus of white-collar employees has contributed to the plunging prices.

This has created vacancy rates for prime residential property of between 5 percent and 10 percent, prompting some landlords to offer incentives such as a month or two free rent to woo tenants.

However, mid-range units did not experience the same discounts, and rental reductions were less evident in the second quarter.

That said, Qatar saw its first month-over-month decline in housing expenses since 2013 in April, and rental costs have remained largely flat since then.

This suggests some changes are afoot.