Qatar's successful COVID-19 vaccination programme – the largest in the country's history with 78% of the population now fully inoculated – and the build-up to hosting of the 2022 FIFA World Cup are stimulating a resurgence of the nation's real estate market, according to leading market players.

Qatari Diar, a global leader in sustainable real estate developments, said it is sensing an uptick in both local demand and transaction prices following an initial pandemic-induced market lull. Speaking ahead of its participation at Cityscape Qatar, which runs at the Doha Exhibition and Convention Centre (DECC) from October 17-19, engineer Abdullah bin Hamad al-Attiyah, CEO of Qatari Diar, predicted a tourism revival will serve the market well.
“Local tenants are moving towards furnished, turn-key apartments, and homes that provide services and amenities, in addition to general maintenance. Many of our key developments provide this offering and represent an opportunity to lease available properties to tourists and new workers, in light of a developing trend for short-term rentals in the country,” al-Attiyah said.

Local tenants are seeking out long-term contracts that offer rent-free month incentives and include general maintenance services.
Luxury real estate brokerage firm Qatar Sotheby's International Realty said that while transactions have slowed, the prospects for the local market remain promising, with second home demand aiding an upward trajectory.  “We would describe the market outlook as positive; people are now looking for holiday homes, larger spaces, more in-house amenities, and chalets, among others. There has been an appetite and interest in exploring second homes, as well,” explained Samer Damaj, acting general manager, Qatar Sotheby's International Realty. “We have seen a shift away from buying internationally to buying domestically. Lockdown has shifted buyers' appetites, who are now looking towards increased square footage, as they look to have their own touch of luxury within their homes,” he added.

Qetaifan Projects, reiterated the change in consumer appetite: “The pandemic has shifted the market into a buyers' market and with that, we saw the need for developers and landlords to focus on good amenities and services.”

The real estate development company noted a trend in renters and buyers moving to affordable but premium properties in the last 18 months. “Buyers are now prioritising units that include fully furnished options, offering the opportunity to rent their investments easily, especially as we approach a busy events season for the country.”

While praising recent government moves to incentivise the sector through opening more areas for expat investment and regulatory reforms to mature the market, Cityscape Qatar's exhibitors believe more can be done to hasten recovery. Damaj said buyers now want lower barriers to market entry with reduced down payments and longer staged payments. In the short term, though, the country looks set to score a real estate windfall through the FIFA World Cup 2022.

Al-Attiyah believes there are many opportunities available looking ahead: “The same applies to those who wish to take advantage of the rising selection of homes available by purchasing a new buy-to-let property. With our in-house property management specialists anticipating increasing rental demand throughout the World Cup's coverage and beyond, this should result in generous rental returns for existing and new property owners, on a short or long-term basis.”