Eng. Nasser Al Ansari
Chairman
Just Real Estate
Glory awaits Qatar this year as the country hosts the world’s most anticipated sporting event, the 2022 FIFA World Cup™. The government has spared no efforts in promoting the momentous occasion worldwide; in fact, the efforts are considered gargantuan by many. After all, Qatar has proven itself a worthy host of this landmark event, and has carried out tremendous undertakings to ensure a memorable tournament for all who will descend upon this beautiful country, in spite of a lengthy blockade and a worldwide pandemic; everyone can agree that Qatar rose to the occasion.
In preparation for this momentous event in Qatar’s history, the government has taken great measures to update the country’s infrastructure, and specifically the real estate sector. It is currently forecasted that over 1.7 million people will most probably be visiting the country during the long-awaited sports event, with about 500,000 people visiting the country during its busiest days, according to the FIFA World Cup™ Time Demand Model. A recent report by the Planning and Statistics Authority revealed that the hotel occupancy in Qatar has increased by 56 percent. Therefore, investment, both foreign and local, poured into the real estate sector, driving a lot of real estate companies to expand their portfolio, in order to meet the demand in accommodating the country’s visitors during the FIFA tournament and to contribute towards Qatar’s dynamic vision for 2030.
Qatar has demonstrated its ability to successfully manage historic and global events, which in turn, has resulted in creating many additional opportunities in the real estate market for developers and real estate investors. This is evident by the availability of a vast selection of options that meet the requirements of tenants and investors from rental homes or promising investment properties, and real estate owners and developers have capitalised on this abundance through attractive offers and investment opportunities.
This year, demand for real estate purchases has skyrocketed, coinciding with legislative amendments that have deepened the facilitations granted to foreign investors to own real estate. In the same context, Qatar has launched a two-tiered residency program under which anyone who buys property worth $1 million or more is entitled to obtain permanent residency with ample advantages that were limited to citizens and some foreigners who have resided for a certain number of years in Qatar. Many prominent Qatari banks have also launched appealing offers for real estate loans and provided solutions that suit different categories of buyers and investors.
This has all resulted in a drastic increase in real estate market activity. According to leading key players in the real estate market, the 2022 FIFA World Cup™ is driving up the demand for rentals, as well as increasing property purchases, especially residential ones. Experts stressed the need for financial and banking institutions to provide the necessary financing for those wishing to purchase real estate in long-term instalments, which contributes to revitalising this important sector. Real estate remains a safe haven for investment, especially in these times of economic turmoil in the world, and the resulting high risks in various investment fields. It has been proven that investing in real estate is amongst the most logical and successful, especially in the Qatari real estate market, and it is clear that investors view real estate as a dependable long-term investment. With the increase of real estate supply in the Qatari market, many have raised concern over post World Cup™ decline in the sector. While it is logical that an initial slump in real estate demand will no doubt ensue, the government has gone to great lengths to regulate the sector, and to ensure its sustainability. Smart cities like Msheireb Downtown and Lusail are proof of smart real estate development that will withstand and sustain. Following hosting the 2022 FIFA World Cup™, Qatar will no doubt reach incredible highs in the influx of its FDI, which will in turn, create vast job and living opportunities for foreigners in this country, and with a robust infrastructure like the one Qatar has proudly built, the country will be able to accommodate them and offer them the best living conditions for decades to come. Qatar’s distinct vision for 2030 ensures the creation of compelling and illustrious market opportunities that will continue to aid in the growth of its sectors, among which is the real estate sector. This will continue to sustain and ensure Qatar’s efficiency and appeal.
This article was published as part of the eighth edition of Property Finder Qatar’s Trends Report.
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