Overview of Rental Trends in Qatar's Retail Shop Market in Q1 2024 | Kanebridge News
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Overview of Rental Trends in Qatar’s Retail Shop Market in Q1 2024

Lusail’s average asking rent of available shops contracted by 2% to QAR 195/sqm in the first quarter of the year, while Umm Salal saw a 9% decline from QAR 230/sqm to QAR 209/sqm quarter-on-quarter

Wed, Jun 5, 2024 3:52pmGrey Clock 2 min

According to an analysis by Qatar’s online real estate marketplace hapondo, the first quarter of 2024 witnessed varying trends in shop rents outside malls across Qatar. Rents in Doha and Lusail seen significant decreases, while Al Rayyan experienced an increase.

Specifically, Doha’s average asking rent for shops declined from QAR 214 per square meter in the previous quarter to QAR 182 per square meter, although this still represents a slight increase from the third quarter’s rates.

In Al Sadd, a prominent commercial district in Doha, rents continued their downward trajectory for the second consecutive quarter, settling at QAR 157 per square meter.

In Lusail, the average asking rent for shop space decreased by 2% to QAR 195 per square meter. Umm Salal, on the other hand, saw a significant 9% reduction in rents, dropping from QAR 230 per square meter to QAR 209 per square meter quarter-on-quarter.

Al Rayyan stood out as the exception, where average asking rents rose for two consecutive quarters, moving from QAR 205 per square meter in the third quarter of 2023 to QAR 228 per square meter in the first quarter of 2024. This increase indicates a renewed confidence in tenant demand within the area.

Ahmad Al-Khanji, Chief Executive Officer of Hapondo explains: “In Q4 last year, we saw the average rents of shops increase in several places in Qatar on the backdrop of two themes. Firstly, landlords were quite optimistic about retail activities due to the upcoming AFC and other events in early 2024. Secondly, we saw our Doha shop listings doubled in number in Q4 and at higher rates – evidence of spaces that were likely rented during the FIFA World Cup and which were either pre-terminated or not renewed a year after.”

Continuing, Ahmad noted: “In Q1, landlords tempered their expectations and therefore we saw adjustments in the average rent of available stock in many places in Qatar.”

Hapondo points out that the decrease in rents is advantageous for tenants. Additionally, the retail sector outside malls boasts a significant amount of fitted space listed, which is beneficial for businesses looking to save on fit-out costs.

Despite the downward pressure on rents, the retail sector in Qatar witnessed notable developments over the last six months, particularly within malls. The opening of Velero Mall in Lusail added new prime retail spaces, while Qatar Tourism launched the Shop Qatar campaign to boost the country’s status as a retail hub.

Furthermore, real estate demand shows promising signs; Doha Festival City recently announced its 500th lease, marking the property as fully rented.



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AQUA Properties Announces Record Sales for The Central Downtown

The Central Downtown led the market in May, capturing an impressive 40.5% of all transactions in Arjan

Fri, Jun 21, 2024 2 min

AQUA Properties has reached a remarkable milestone by selling over 900 units in its latest project, The Central Downtown, within just 100 days of its launch.

This achievement underscores the robust demand for premium real estate in Dubai, with The Central Downtown leading the market in May by capturing an impressive 40.5% of all transactions in Arjan, as reported by Property Monitor.

Situated centrally in Arjan, this expansive project spans a 7-acre hub, making it the largest development in the community. The Central Downtown consists of four towers featuring modern studios and 1–3-bedroom apartments, along with a 200,000 sq ft podium level offering over 25 amenities.

Residents can enjoy a variety of facilities, including a golf simulator, wave pool, basketball court, outdoor cinema, padel tennis, and an organic farm.

Integrated approach

Additionally, a 150,000 sq ft shopping mall beneath these interconnected towers provides a unique retail convenience. This integrated approach sets The Central Downtown apart, making it the leading choice in Arjan.

AQUA Properties Founder Ali Tumbi said: “This rapid sales success underscores AQUA Properties’ formidable presence in Dubai’s real estate market and highlights the high level of investor confidence in our projects.”

To celebrate the success of The Central Downtown, AQUA Properties, an award-winning multinational real estate brokerage and developer, hosted an exclusive 3-day luxury cruise on the Arabian Gulf in February, bringing together over 300 key investors, brokerage partners, and valued community members. The celebrations continued in April with a groundbreaking event, marking the commencement of this visionary project.

Community trust

Since its establishment in 2005, AQUA Properties has built a strong reputation for excellence. Renowned for its extensive experience and community trust, AQUA Properties has launched its seventh project, The Central Downtown, showcasing its expertise once again.

With nearly two decades of industry experience, AQUA Properties consistently provides exceptional services, ensuring customer satisfaction through competitive pricing, flexible payment plans, and luxurious amenities.

Their impressive portfolio includes projects in prime Dubai locations such as Palm Jumeirah, Jumeirah Village Triangle, and Motor City, among others.

Riding on the success of The Central Downtown, AQUA Properties is poised to dominate Dubai’s real estate market with several upcoming developments this year, including projects in Dubai Sports City, Sheikh Zayed Road, and Arjan. AQUA Properties’ commitment to excellence and innovation continues to shape the future of real estate in Dubai.

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