dOHA: Barwa Real Estate Company has hinted a possible hike in the rentals of shops in Barwa Village. The rents of commercial spaces in Barwa Village is much lower compared to the current market rates, Abdullah Jabara Al Rumaihi, CEO of Barwa’s leasing subsidiary Waseef said.
“The rentals of shops in Barwa Village are much lower compared to other companies. The demand for shops in Barwa village is very high”, he said. In total violation of the rent contracts, there are leaseholders who convert the shops into store rooms or warehouses. Many of the shops are seen closed down throughout the day. This is badly affecting the brand image of Barwa.
Al Rumaihi wanted the tenants to strictly comply with the conditions set in the rent contract. Of late, we have learnt that many who have leased out the shops in the front row of Barwa Village are misusing the provision in the contract by doing different kinds of businesses other than specified in the contract.
Al Rumaihi who repeated that there has been a huge demand for the shops in Barwa Village added the waiting list is quite long. He denied the reports of the annual hike in the rentals. Any rise in the rentals will be taken after proper studies, he said.
On the recent hikes in the residential rentals, he said it was the second time that Barwa was increasing the rent ever since the rent law came into effect in 2007. According to the law, the property owners are free to increase the rentals by 10 percent every year. But it should be either by the end of the contract or while entering into a fresh contract, he noted.
The Peninsula
