(MENAFN- The Peninsula) Sanaullah Ataullah |
Doha: Real estate experts have said that the situation of real estate market of Qatar is normal, however, the prices of real estate and rents which rose because of FIFA World Cup will go down by next year gradually.
They said that many new quality real estate projects will come to the market after the mega sporting event. The experts noted that since Qatar economy is based on strong pillars the development of the country with its all sectors including real estate will continue in a fast pace.
The experts including CEO of Al Emadi Enterprises Mohamed Abdul Karim Al Emadi and Chairman of Century 21 Qatar Mana Ibrahim Al Mana were speaking yesterday in a Qatar TV programme entitled“The real estate scene before and after the FIFA World Cup Qatar 2022 and the future of supply and demand”.
Al Emadi said:“I am optimistic about the real estate sector of Qatar at present and future.” He said that it was expected that the prices of residential units, administrative and commercial apartments could be more than what are now existing, few months before FIFA World Cup Qatar 2022, thanks to government intervention to avoid any type of crisis in this regard.
“I do not think that even during the mega sporting event the prices will touch exorbitant rates contrary to people's concerns due to adequate supply,” said Al Emadi.
He said that there is no shortage in supply at all.“The housing issue is completely under control. The government has taken its precautions from more than one angle.”
He said that today the situation of real state market is normal which will continue after the mega sporting event, even it will witness growth, so there is no need to worry.
He said that Qatar economy is not based on a single event neither FIFA World Cup nor any other event.
“Such mega events help the economy but it is not based on them. Qatar has a strong economy based on hydrocarbon, infrastructure and fortune not relaying on any event so the development of the country will continue with its fast pace,” said Al Emadi.
Al Mana said:“I agree that the situation of real estate in the country is normal. Mega event like the World Cup increases demand resulting in rise in prices which happens all over the world.”
He said that real estate investors and companies utilise this opportunity to make profits for a short period but the same situation will not continue after the event.
“After the World Cup, the supply will be more than demand resulting in the prices going down. The prices of real estate at present are higher,” said Al Mana.
He expected that by the beginning of 2023, the correction in prices of the real estate market will happen when the prices will go down about 30 percent which will be 10 percent more than those in 2021.
“I expect that after World Cup the prices will go down but not suddenly, after second or third quarters of 2023 because most of the contracts are annual. Most of the contracts on high prices were signed in the middle of 2022,” said Al Mana.
He said that there are two main reasons behind increasing rents at present – high demand from government to provide housing for fans of the World Cup and concerns by some local companies about shortage of housing units which are pushing them sign contracts at any price.
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