Qatar to witness price corrections in residential real estate post World Cup
A representative from a top real estate business indicated yesterday that pricing adjustments will take place after the World Cup in Qatar's residential real estate market, which is now seeing large rent increases as the nation gears ready to host the biggest athletic event in history.
Hani Dabash, Deputy Group CEO of Ezdan Holding Group, responded to a question from The Peninsula yesterday during a press conference to announce the Al Janoub Gardens project, stating that Qatar's real estate market will follow the same pattern as other nations that have already held the FIFA World Cup.
Ezdan Real Estate Company unveils the multi-purpose "Al Janoub Gardens" realty project— Ezdan Holding (@EzdanHolding) September 12, 2022
a 75%- completion of Al Janoub Gardens real estate project, which will trigger a great leap in Al Wukair, and will be available for leasing by the end of the year. pic.twitter.com/TFLiNiCs3Z
"The real estate market in Qatar is quite extensive, very active, and dynamic. We anticipate a typical (price) decline following the World Cup. Although it isn't particularly crisp, there will be rectification. The government's ambitions are highly ambitious, and the market is very robust here. The initiatives are proceeding as planned, demonstrating to us the viability and strength of this market. And I think it will stay up with government programs and function admirably in the ensuing mid- to long-term," added Dabash.
Residential rents are rising in Qatar ahead of the FIFA World Cup Qatar 2022, according to a report by Cushman & Wakefield. The residential real estate sector saw significant rise in rentals during the second quarter. According to the survey, some rents have increased by more than 30% year over year as a result of an increase in short-term requests before the FIFA World Cup.
Dubbed as a great urban leap on the outskirts of Doha, the new project will feature over 2, 608 residential and commercial units encompassed in 61 buildings, and about 4,400 parking lots.#Qatar #EzdanRealEstate #AlJanoubGarden https://t.co/rpOmH8LISA— The Peninsula Qatar (@PeninsulaQatar) September 13, 2022
"Demand and supply dictate the pricing for rent," continued Dabash. The Qatari real estate market is fairly robust, and we think it will achieve equilibrium. Strong occupancy is something that Ezdan and other businesses are (observing), therefore they are pricing their units appropriately. Ezdan views our renters as partners in business.
To satisfy the demands of the market during Qatar's FIFA World Cup hosting, it should be noted that Ezdan stated earlier this year its ambition to open a series of entirely contemporary residential complexes, adding more than 4,000 residential units.
Approximately 1,700 units from over 7 projects have already been delivered, according to Dabash, and these projects have already been leased, mostly to foreign and domestic businesses engaged in World Cup initiatives.
According to Dabash, who maintained his confidence in finishing the units on schedule, the remaining 4,000 units would be supplied over two phases.
Residential settlements in Al Wakra and Al Wukair, as well as residential neighborhoods and structures in Doha, are among them. In addition to replacing the majority of the furniture, electrical equipment, and air conditioners in the aforementioned residential units, the renovations included a structural overhaul that included rebuilding floors, painting walls, and executing integrated maintenance operations for structures.
In addition to conducting a thorough re-evaluation of all properties owned by Ezdan Real Estate Company to determine the condition of all residential units and their needs in terms of construction developments, furniture, electrical appliances, air conditioners, and other items, Dabash reiterated that the company had also announced an integrated plan to meet the satisfaction of its customers.
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Source Credits: The Peninsula