The World Cup 2022 bid victory has placed Qatar on the global stage in an unprecedented fashion and will have an immediate impact on the real estate market, according to Khalifa al-Misnad, CEO of Qatar’s leading real estate agency Coreo.
According to al-Misnad, investor confidence has been given an incredible boost.
He expects to see international investors looking more closely at Qatar for new opportunities in all sectors, especially in the real estate sector where major developments will be needed in order to accommodate the world’s largest sporting event.
Qatar’s population is expected to double to 4mn between now and 2022 and thousands of visitors will make their way to Qatar to follow their teams. These visitors will stay in either hotels or furnished apartments, and the current capacity is well short of that needed to accommodate such high numbers.
In terms of sales, since foreign investors are restricted to purchase in freehold areas in Qatar, Coreo expects to see an increase in sales in areas such as the Pearl and, further down the line, Lusail.
Al-Misnad commented that ‘an unbelievable number of new business opportunities have now presented themselves and we will undoubtedly see an increase in business start-ups, increasing demand for residential and commercial space needs.’
A higher influx of people is necessary to handle all the upcoming projects which translates to a higher demand on the real estate sector.
He added: “Since Coreo’s website (mycoreo.com) is the highest visited online real estate portal, we have access to very accurate statistics as to the global interest level. We can identify where people are specifically located in the world that visit the site, therefore, we can easily monitor country by country their growing interest in Qatar real estate market. We will be looking very closely at the statistics regarding this global interest growth in the coming weeks.”