Cushman & Wakefield’s annual quarterly report, Qatar Q2 Real Estate Market Review, has seen a significant hike in residential rents in the last half of the year, ahead of the FIFA World Cup Qatar 2022. According to the data presented in the report, the increase in rent in short-term demands ahead of the World Cup has reached more than 30% year-on-year.
The residential rent hike spiked in April and May due to the high demand of residents and incoming visitors for the World Cup in November and December 2022.
Cushman & Wakefield estimated that rent for apartments has spiked by over 30% on average in June 2022 against the rent prices of the previous year.
As demand for accommodation for the World Cup continues to soar, the rental increase follows suit. The rental increase has significantly impacted the apartment sector in the prime districts of Doha.
The report states that two-bedroom, semi-furnished apartments in Porto Arabia, The Pearl-Qatar are now charging a monthly rent of QR 13,000 – QR 15,000 while it previously ranged between QR 10,000 – QR 12,000 in 2021.
In more central areas like Bin Mahmoud, residential rents have seen over a 30% increase with a price hike of QR 2,000 to QR 3,000 since 2021.
Villa compounds, on the other hand, have seen a milder 3%-10% increase as these properties benefit from high occupancy and long-term tenants, the report states.
According to Cushman & Wakefield, the surge in rent is a short-term trend due to the World Cup-related demand and rents are expected to fall again in 2023.
As a large chunk of villas and apartments have been reserved and dedicated for World Cup visitors and staff, these accommodation options will be available in the market again post-tournament, and demand is expected to subside.
Source: Cushman & Wakefield
Cover image credit: Shutterstock
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