According to Cityscape Intelligence Report 2022, the country’s current rental rises are predicted to stop in 2023.
The research “Real estate trends in Qatar: Freehold Zones, Work from Home Solutions, FIFA World Cup to Dominate in 2022” claimed that the increase in rentals in advance of the FIFA World Cup Qatar 2022 is probably just “temporary” due to the demand.
According to the report, the commercial market has also experienced an uptick in activity, especially in Lusail, but rental rates are still being affected by the industry’s overall oversupply.
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“The residential real estate market has experienced an increase in activity in 2022, which can be attributed to the World Cup’s increased demand.
The story quoted a Cushman & Wakefield representative as saying, “We are beginning to see evidence of rental rises in Qatar for the first time since 2015. However, this boost is likely to be short as demand is predicted to decline in 2023.
The analysis covered the upcoming year’s real estate market in Qatar as well as the effects the FIFA World Cup will have on the building industry.
According to the survey, apartment rents are anticipated to continue to rise as supply becomes more limited before Qatar 2022. In order to capitalize on rental inflation and offset the effects of declining demand in 2023, it was stated that landlords are increasingly likely to seek 2-year leases.
It stressed how the approaching FIFA World Cup has dominated Qatar’s real estate market in recent years, resulting in an unprecedented number of apartments, hotels, villas, retail centers, and office buildings being built between 2010 and 2022.
According to the report’s forecast for the country’s real estate market after the World Cup, development will halt in 2022 as Qatar prepares for the tournament; following that, a major slowdown in new project beginnings is anticipated until the supply is absorbed and rental rates rise.
Recall that Cushman & Wakefield stated in a recent report titled “Qatar Q2 Real Estate Market Review” that apartments saw the highest increases in residential rents during the second quarter of the year, with residential real estate as a whole experiencing strong growth in rents ahead of the FIFA World Cup Qatar 2022.
According to the report, some asking rents have increased by more than 30 percent year over year as a result of the rise in short-term demands before Qatar 2022.
The survey noted that after residential rent increased at a rate of 5-7 percent in the first quarter of 2022, it picked up speed in April and May as landlords capitalized on a surge in demand associated with the FIFA World Cup Qatar 2022 in November and December.
