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Housing rents climb in Qatar due to 2022 World Cup
(MENAFN) Housing rents climb in the anticipation of the FIFA World Cup Qatar 2022, with the residential real estate area seeing robust surge in rents throughout the April-June period of 2022 and apartments witnessing the biggest surge, Cushman & Wakefield has stated that in its “Qatar Q2 Real Estate Market Review”.
The report also mentioned that a spike in immediate request in the approach of FIFA World Cup has witnessed some asking rents surge by over 30 percent annually.
The report showed that after growth of 5-7 percent in the first quarter, the pace of residential rent surges fastened in the first two months on the second quarter as property-owners took advantage of the increase in request associated to the FIFA World Cup in November and December.
By June, Cushman and Wakefield approximation that apartment rents had, on average, surged by more than 30 percent compared to the same period in 2021.
Cushman and Wakefield stated that “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. This has led to an increasing trend in landlords insisting on two-year leases for apartments over recent months. 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.”
The report also mentioned that a spike in immediate request in the approach of FIFA World Cup has witnessed some asking rents surge by over 30 percent annually.
The report showed that after growth of 5-7 percent in the first quarter, the pace of residential rent surges fastened in the first two months on the second quarter as property-owners took advantage of the increase in request associated to the FIFA World Cup in November and December.
By June, Cushman and Wakefield approximation that apartment rents had, on average, surged by more than 30 percent compared to the same period in 2021.
Cushman and Wakefield stated that “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. This has led to an increasing trend in landlords insisting on two-year leases for apartments over recent months. 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.”
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