Qatar faces a demand shift as a result of the country’s imminent hosting of the 2022 FIFA World Cup. Doha recorded an uplift of 23 percent in average rental unit pricing and Al Khor witnessed a 38 percent price rise over the same period, the Property Finder report shows.
According to the report, price hikes are expected to be temporary, and forecasts a slight decrease in demand next year. Currently, demand for apartments – particularly short-term and serviced units continues to rise.
Occupancy of residential units has been reported at 80 percent, mainly due to demand for leases by the Supreme Committee for Delivery and Legacy for the 2022 FIFA World Cup, as well as companies looking for staff accommodation. Ministry of Justice’s Quarterly Real Estate Bulletin reported 1251 real estate sale transactions in the first quarter, amounting to QAR4.85 billion.
“With Qatar being on the forefront of one of the world’s most popular sporting events, investors and first-time buyers are now more confident in investing in the market. The Ministry of Justice is also taking the necessary steps in creating a more transparent market, which will open the doors for even more investment in the near future,” states the report.
Sales demands are attributed to Qatar’s new foreign property ownership, and to investments laws and their inherent advantages as well as an increase in the areas that foreigners are now allowed to invest in, according to Property Finder.
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