World Cup demand surge sees some Qatar landlords bump rents | World News,The Indian Express

Residents in popular neighbourhoods say they’re being forced to agree to rent hikes of as much as 40% and contract periods stretching two years.

World Cup host Qatar has tried everything from cruise ships, desert camps and regional shuttle flights to ensure a limited supply of accommodation can meet an expected 1.2 million visitors during the month-long tournament. Local landlords have a simpler plan — raise the rent.

Residents in popular neighbourhoods say they’re being forced to agree to rent hikes of as much as 40% and contract periods stretching two years. Faced with rents they can no longer afford, some residents say they’ve been forced to move even after years of tenancy.

Many hotels have been forced to get long-term occupants to vacate and make room for teams and officials, leaving residents with few options in a country that has an 88% expatriate population and low rates of home ownership.

That’s helped engineer a turnaround in the property market after more than seven years of slumping demand when entire buildings sat vacant as new residential, commercial and hospitality supply poured into the market.

First-quarter rents rose 3.3%, helped by the recent surge in demand, according to data compiled by ValuStrat, while average prices on the Pearl — an artificial island neighbourhood popular with white-collar expats — surged 19%. Housing was the second-biggest contributor to a June inflation rate of 5.4% in Qatar, where costs are climbing faster than in any other Gulf Arab state.

https://indianexpress.com/article/world/world-cup-demand-surge-sees-some-qatar-landlords-bump-rents-8092940/


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