More than a 1,000 tenants living in Qatar’s “affordable housing” tracts will soon be hit with rent hikes of up to 10 percent, Barwa Real Estate Company has announced.
Those living in Barwa’s Mesaimeer Complex will see the increase in February, according to a text message sent by Waseef, the leasing subsidiary of Barwa.
Rent for tenants of Barwa’s Masaken Assialiya Complex will go up in July.
Citing increased operational costs, the company previously tried to raise rent last year, but backpedaled on the move following an outpouring of criticism from media outlets and tenants.
The Peninsula reports:
Barwa has a total of 1,984 two and three-bedroom apartments in both Mesaimeer and Assailiya complexes with rents of QR3,000 and QR3,500, respectively.
Once the rise comes into effect, rents would be go up to QR3,300 for two-bedroom and QR3,850 for three-bedroom apartments in both the complexes…
The new move has drawn the wrath of several tenants but the company sources have hinted that there would not be going back on the decision as happened last time.
Barwa’s Masaken Assialiya and Mesaimeer were a pioneering initiative in the country to provide affordable housing units to low and middle income families, both nationals and expatriates.
It has been a rough year for Barwa, the Middle East’s biggest property company by assets, which saw a huge slump in property prices.
Just last week, the company disclosed that it sold its yet-to-be-completed Barwa Financial District to Qatar Petroleum for $3 billion. It will hand over the property in 2015.