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Demand for residential units and cars is expected to increase as many expatriates are returning from summer holidays abroad. |
In the past two months, sources said the real estate market experienced a slump in demand, specifically for affordable family residential units. This was coupled with some expatriates temporarily renting out their apartments during the summer holidays.
“During the last two months, we anticipated low demand and some units remained vacant throughout the period. Some house owners did not budge even a little from the rents they had set,” said Ahmed, an expatriate real estate agent.
Most agents complained that their business was “very slow” during the summer and hope that the end of the season “will see better and fresh demand.”
“The issue is that now we have many vacant units available for occupancy at different areas around the country, especially units of partitioned villas but some people prefer to wait until their families return from vacation during early September,” pointed out Khalaf, owner of a real estate management office.
He said the demand is usually higher on flats along strategic communities in Doha. “The rents there would remain high all year round since companies prefer them to house their employees,” he said.
Similarly, the slowdown in demand was also felt in the used car sales sector. Many used car owners prefer to sell their vehicles before going on their annual leave with plans of getting better buying options when they get back.
Hamid, a salesperson at a used car showroom, said they expected limited sales in the last couple of months. He said the summer season is “a good time” to resell cars at low prices since owners want to get some cash before going on vacation.
But he expects the end of the summer season to usher in a gradual increase in sales from buyers who are after good vehicles at reasonable prices.
The car rental business has also felt the brunt of the summer holidays but industry players also expect an increase in demand at the end of the season from the constant influx of workers in the country’s booming construction sector.
“I have to close down my business at another GCC country as less construction projects there had highly adverse effects on car rental demands. Now, I will try to start a new business in Doha and I am sure that with the ongoing construction projects, it would be a success,” said an Asian expatriate.
