Mohammed Yousif Shoqeir
Sales Manager
Retaj Real Estate
The Qatar Real Estate market is one of the most dynamic in the Middle East region with an estimated CAGR of 13 percent from 2021 to 2026. From a home buying perspective, the market is showing stable growth along with an increased buying by expatriates since the new law, displaying an increased confidence in the sector. The rental segment saw a downturn owing to COVID-19 and the financial impact of the pandemic. Rents have fallen significantly in the past two years and lower occupancy rates were noticed.
This, however, is set to change. As we have entered 2022, the year that Qatar has been eagerly waiting for, the year of the 2022 FIFA World Cup. A global event the scale of the FIFA World Cup brings many challenges and opportunities along with it. This year is when Qatar, we are sure, will witness a rebound. With over 1.2 million fans expected to come to Qatar during the world cup, real estate is going to be in heavy demand.
Qatar National Vision 2030 and the Qatar World Cup 2022 have been the foundation of the rise of many real estate hotspots, both for ownership and rental. Lusail City has grown by leaps and bounds, and today boasts top-class infrastructure. It has become both a commercial and a residential hub along with becoming a go-to entertainment and recreational zone. No wonder the finals of the World Cup will be played in the iconic stadium in Lusail. The Pearl Qatar has seen a similar rise with many Qataris and expatriates investing in homes on the island. The Pearl has transformed into an entertainment hub while still maintaining its residential master class.
The 2022 FIF World Cup has brought on a unique accommodation challenge for Qatar which the Supreme Committee for Delivery & Legacy has solved brilliantly by reaching out to all property owners in Qatar and offering them the chance to register their properties on SC’s platform. These properties would then be made available as fully furnished accommodation for the tournament. This masterstroke by the Qatar Government and the Supreme Committee for Delivery & Legacy has witnessed an overwhelming response with many property owners registering their vacant or upcoming properties on the platform.
This initiative also means that the rental market in Qatar is bound to witness a boom resulting in increased rental prices. This is already being witnessed since the beginning of 2022. With a reduced inventory of available rental units in the market, the monthly rentals are steadily rising. This rise is expected to be at its peak during Q4 2022. There will be a market correction in 2023 before rental prices stabilise for the year.
While 2022 is surely a year of opportunities and growth, it will by no means be an easy year. Growth will bring its own set of challenges for which we would need to be ready. However, our eye needs to be firmly set on the future with the Qatar National Vision 2030 as a firm backdrop to ensure a healthy and profitable business outlook.
This article was published as part of the seventh edition of Property Finder Qatar’s Trends Report.
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