Qatar reveals plans to build more than 15,000 housing units in 2022 in time for the FIFA World Cup.
Last year the Gulf nation completed nearly 4,800 residential units and 400 villas in different areas across the country—recording a significant boom in the sector.
“As of the fourth quarter, total completions for 2021 stood at 400 villas and 4,380 apartments, equivalent to 60 percent of preliminary estimates for 2021,” the fourth-quarter report stated.
“Forecast for residential units in the pipeline for 2022 have been adjusted upwards to 15,000 units,” it added.
The state had previously allocated a budget of 74 billion riyals ($20.3 billion) for major projects, prioritising infrastructure projects, the development of citizens’ lands, and public services development projects.
The latest efforts could be a significant indication of the country’s readiness to host the World Cup this year.
Major efforts have been taking place by the nation to develop the real estate sector and ensure enough units are available for the tournament and the residents in the future.
Doha’s housing sector growth in 2021
Despite challenging conditions caused by the Covid-19 pandemic, Qatar’s housing market has managed to maintain steady growth momentum in the past year.
In total, the country recorded 5,374 transactions amounting to more than 25 billion QAR. This registered a 5% increase compared to 2020, which saw around 5,116 transactions.
In addition, nearly 4,800 residential units (including apartments and villas) were handed-over during the fourth quarter of 2021. The Pearl Qatar (30%), Lusail (25%), and West Bay (15%) recorded the highest location supply.
Meanwhile, the average gross yield for residential units spiked up 5.8%, which is attributed to the growth in yields for apartments.
In time for the World Cup
News of the new residential openings come at a crucial time for Qatar, given the reportedly low accommodation units for football fans traveling to the Gulf state to attend the much-anticipated FIFA World Cup 2022.
According to an AP report, approximately 90,000 rooms are going to be available for the public through a website. This is almost the equivalent of the number of US fans who booked tickets for the 2018 World Cup in Russia.
In total, the country anticipates around 850,000 overseas visitors will need accommodation.
However, with more housing unit availability, residents will be able to either rent their property out during the World Cup or buy homes that have been vacated by fans after the tournament.