Hosting the World Cup Raises Real Estate Demand in Qatar

Property Finder report: Hosting the World Cup raises real estate demand in Qatar

  • Publish date: Friday، 15 April 2022
Hosting the World Cup Raises Real Estate Demand in Qatar

The latest Qatar real estate market report from Property Finder Qatar, the country's largest online real estate resource, points to positive trends for 2022 with increased demand for sales and rents, as the nation heads toward hosting the FIFA World Cup and increased regulations provide a sector with greater transparency.

The report also indicates an increase in the real estate price index by 3% in the third quarter of 2021. By the end of the year, an additional 400 villas and 4,380 apartments had entered the market mainly in The Pearl, Lusail, and West Bay.

Another 15,000 units are expected to enter the market before the World Cup begins.

“While it may appear that inventory is limited in some high-traffic areas at the moment due to increased demand, in the coming months, more units will be ready for delivery, which will boost supply levels,” the report says.

Qatar's hosting of the 2022 FIFA World Cup in November affects the rental market, which is witnessing an increased demand during the tournament period for short-term rentals and furnished apartments.

A good inventory of rental listings was identified, which rose on the platform by 37% in Doha, 45% in Lusail, and 36% in Al Wakrah in the second half of 2021 compared to the same period in 2020. The list of sales also increased during the same period, as Doha recorded An increase of nearly 40% as listings in Lusail rose by just over 50%. Sales prices in Al-Wakra increased by 12% over the same period, sales prices in Doha increased by 19.7%, while prices per square meter in Lusail increased by about 2%. Also, rental prices in Doha and Al Wakra increased during the same comparative period by 3.6% and 4.4%, respectively.

Apartment rents increased in the second half of last year compared to the same period in 2020 with increased interest in short-term units. Demand was high at The Pearl and Lusail Marina, with advertised prices increasing from 10,500 to 11,000 and 9,500 QR to 10,800 QR respectively, when comparing July-December 2020 with July-December 2021. Interestingly, as Lusail City continues to gain traction in the apartment market area, prices have not changed, despite significant increases in the number of properties offered in the same time frame.

The listings for Msheireb Downtown Doha increased significantly, as the media prices announced in The Sustainable City reached 14,500 Qatari riyals in the second half of last year, while the prices of units along the Corniche Street, which include a high percentage of serviced apartments and short-term rentals, increased. To about 8,885 QR. However, the availability of new stock affected rentals in Al Nasr, Al Wukair, and Old Airport Road as prices fell during the second half of last year.