Winning the right to host the 2022 football World Cup has given an immediate boost to Qatar’s property market, according to the local arm of Asteco Property Management.
“Although it is too early to gauge the real impact on demand and prices, the market has received a boost in confidence as a result of Qatar’s successful bid,” said Jed Wolfe, the firm’s regional director.
Despite the excitement surrounding the World Cup bid the Qatari real estate market suffered during 2010 and has yet to translate the buzz into strong sales figures.
Still suffering the side effects of the financial crisis, residential sales declined between three per cent and six per cent during the quarter.
“One bright spot however was in the more established areas of Al Saad and Bin Mahmoud districts which continued to show signs of stabilisation,” said Asteco.