Middle East

Rents Expected to Rise During Qatar World Cup 2022-Doha News

At the Qatar 2022 World Cup, rents are expected to skyrocket as demand increases.

Local real estate reports predict that housing rents will rise at varying rates in the first half of next year as more than one million people are expected to arrive in Qatar at the FIFA World Cup 2022.

A weekly report by the Qatar-based Al-Asmakh Real Estate Development Company, published Saturday, emphasized that the real estate sector in the Gulf countries will continue to be the highest spending of all sectors next year.

The state’s general budget allocates 74 billion rials ($ 20.3 billion) of total budget spending to major projects as the country pursues public projects according to the plans and strategies set by the country.

Spending priorities are on infrastructure projects, civil land development, and public service development projects, including roads, bridges, and a comprehensive sewer network.

Read again: Qatar, the host country of the World Cup, expects spending on the 2022 budget to increase by 5%

The report points out that many real estate projects have been completed, especially in the city of Lusail, which covers an area of ​​about 1.8 million square meters.

It was pointed out that the construction of real estate projects in the fourth quarter of 2021 achieved a positive growth rate compared to the same period last year.

The Supreme Committee for Delivery and Heritage and the Ministry of Labor of Qatar signed a memorandum of understanding last March. Under this memorandum, it was agreed to work together to provide accommodation for fans and visitors during the 2022 World Cup.

Phase 1 approval included more than 150 different properties in buildings, towers and residential estates (complete and non-divided) and furnished units offering approximately 15,000 rooms.

The rental price of the unit is determined based on the fixed public housing price, but the rental period of the real estate lasts for at least 5 years, which is the contract period with the real estate owner.

The purpose of the contract is to profit from rental properties during the World Cup and use them to accommodate employees through the government’s housing program.

In the company’s weekly report, Rashid Al-Kaabi, general manager of Utopia Real Estate, said that in the third week of this month, transaction value increased by 94% compared to the previous week and witnessed a relative return to activity. I did.

He added that the rise in prices will be accompanied by increased demand for one-bedroom and two-bedroom apartments in the first half of 2022.

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