Real Estate Qatar residential rents surge on higher World Cup demand By Pramod Kumar August 12, 2022, 6:02 AM Creative Commons The surge in rent is based on a short-term World Cup-related spike in demand from fans and companies seeking staff accommodation Residential rents in Qatar accelerated in April and May 2022 as landlords took advantage of a spike in demand ahead of the FIFA World Cup, Cushman and Wakefield said in its Q2 property market report. Apartment rents increased on average 30 percent year-on-year in June 2022. “The surge in rent is based on a short-term World Cup-related spike in demand, with rents expected to fall again in 2023 as demand subsides and available properties return to the market,” the report said. This has led to an increasing trend in landlords insisting on two-year leases for apartments over recent months, it added. Prime districts are witnessing the highest increases, with two-bedroom, semi-furnished apartments in Porto Arabia now leasing for QAR 13,000-15,000 ($3,571 – $4120) from QAR 10,000-12,000 in 2021. There is also an increasing trend in tenants not having their leases renewed on request, as some landlords look to vacate their properties and capitalise on inflated World Cup rents. However, the number of residential sales transactions fell by 19 percent over the first five months of 2020 compared to the corresponding period last year, the report said, citing statistics released by the Planning and Statistics Authority showed.
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