Qatar has unveiled plans to build more than 15,000 residential units in 2022 in time for the FIFA World Cup.
Last year, Gulf countries recorded a major boom in the sector, completing approximately 4,800 residential units and 400 villas in different parts of the country.
“As of the fourth quarter, the total number of completed 2021 villas and 4,380 apartments is 60% of the tentative estimate for 2021,” the fourth quarter report said. increase.
“The 2022 pipeline residential unit forecast has been revised upward to 15,000 units,” he added.
The state previously allocated a budget of 74 billion rials ($ 20.3 billion) to major projects, prioritizing infrastructure projects, civil land development, and public service development projects.
The latest efforts could be an important indicator that the country hosting this year’s World Cup is ready.
The country has made great efforts to develop the real estate sector and make sufficient units available for future tournaments and residents.
Growth of Doha’s housing sector in 2021
Despite the difficult situation caused by the Covid-19 pandemic, Qatar’s housing market has been able to maintain steady growth momentum over the past year.
In total, the country recorded 5,374 transactions, equivalent to more than 25 billion QAR. This was a 5% increase compared to 2020, when approximately 5,116 transactions occurred.
In addition, approximately 4,800 homes (including apartments and villas) were delivered in the fourth quarter of 2021. Pearl Qatar (30%), Lusail (25%) and West Bay (15%) recorded the best location supply.
Meanwhile, the average total yield on homes rose 5.8%. This is due to higher apartment yields.
In time for the World Cup
Given the reported lack of accommodation for football fans traveling to the Gulf countries to participate in the long-awaited FIFA World Cup 2022, the news of the opening of a new home for Qatar is at a crucial time.
According to AP’s report, about 90,000 rooms will be open to the public through the website. This is about the same as the number of US fans who booked tickets for the 2018 Russia World Cup.
In total, the country estimates that approximately 850,000 international visitors will need accommodation.
However, with the availability of more housing units, residents can do one of the following: rent Take their property out during the World Cup or buy a house vacated by fans after the tournament.
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