Sunday, November 28

With the World Cup Qatar 2022 approaching, a remarkable growth in the local real estate market

Doha- With the World Cup 2022 approaching, the pace of buying and selling real estate in Qatar is significantly accelerating, reflecting the increasing interest of real estate owners to benefit from renting housing units for visitors during the tournament period.

Real estate experts and appraisers – in statements to Al Jazeera Net – attributed this growth to the remarkable development of the infrastructure of the State of Qatar, and the subsequent expansion of urbanization and associated facilities and services, which greatly increased the demand for those areas and led to an increase in population density in them, in addition to Changes in the ownership laws of residents and foreigners.

According to the real estate bulletin issued by the Qatari Ministry of Justice, the volume of real estate trading in sales contracts registered with the Real Estate Registration Department amounted to nearly 20.3 billion Qatari riyals ($5.6 billion) during the first nine months of this year.

Foreign ownership laws boosted investor confidence in the local market (Qatari press)

Market confidence

The real estate expert and appraiser Khalifa Al-Maslamani says that the change in the ownership laws for residents and foreigners contributed to reviving the real estate market movement in Qatar, and is one of the main factors that increased the market’s momentum with a strong buying and selling movement, and also strengthened the investor’s confidence in the local market instead of investing in the outside.

Al-Maslamani indicates – in a statement to Al Jazeera Net – that Qatar’s hosting of the World Cup next year has also contributed positively to the growth of the pace of buying and selling, as it encourages many investors to buy apartments and residential villas, especially those close to the World Cup stadiums, With the aim of renting it to visitors and fans coming to the country during the tournament period.

The Supreme Committee for Delivery and Legacy, organizing the 2022 World Cup, hopes that 1.2 million visitors will come to Qatar between November 21 and December 18, 2022.

Al-Maslamani adds another reason behind the recent growth of real estate trading in sales contracts, which is the remarkable development witnessed by the infrastructure in the country, and the subsequent expansion of urbanization and related facilities and services, which greatly increased the demand for those areas and led to an increase in population density. .

Marketing and Communications Director at Al Asmakh Real Estate Projects, Michael KfouryKfoury confirms that the freedom of foreign ownership contributed to stimulating the real estate sector (Qatari Press)

Positive effect

For his part, Director of Marketing and Communications at a local real estate company, Michael Kfoury, says that the return of economic recovery as a result of the gradual lifting of restrictions imposed to limit the spread of the Corona virus, and the country hosting a number of major events in the coming years, foremost of which is the Qatar 2022 World Cup, contributed to promoting the growth of sales contracts. during the current year.

Kfoury pointed out that the Supreme Committee for Delivery and Legacy’s invitation to real estate owners to register their desire to rent them, as part of the accommodation program for visitors to Qatar during the World Cup, had a significant impact on the sale and purchase of housing units.

On the role of the Law on Freedom of Foreign Ownership, Kfoury says that Cabinet Resolution No. 28 of 2020, fully clarified all the conditions, controls, benefits and procedures for non-Qatari ownership and use of real estate, stressing that the decision is in the interest of promoting the growth of the sector.

Kfoury believes that one of the most prominent positive effects of this decision is its contribution to raising the return on investment in the real estate sector, which prompted the promotion of buying and selling operations.

He pointed out his expectations that real estate developers’ returns from the sale of housing units, villas, offices and shops will grow by between 15% and 18%, which allows owners the flexibility and ease of selling their properties by sorting and dividing them better than selling them in a single block.

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