The FIFA World Cup 2022 kicked off in Qatar and it has definitely impacted the economy of the peninsula and its surrounding countries. With a huge footfall in the host nation, many turned to find a room in Dubai to accommodate the huge capacity of the crowd. The spike in occupancy levels during the world cup resulted in the growth of the Dubai Real Estate market.
In November 2022, a report forecasted that the volume and value of off-plan and secondary properties in Dubai would hit a 12-year high. The forecast is a clear demonstration of the world cup’s positive impact on the Dubai real estate market. The significant hike in the demand led to an over 50% surge in the local rental prices just three months before the tournament.
The positive impact of FIFA World Cup 2022 Qatar on Dubai Real Estate
With the announcement of the Golden Visa, Dubai was already in news highlights and investors’ eyes more than its counterparts – New York, London, Singapore and Hongkong. The city was attracting huge real estate investments with ease in doing business and attaining visas to stay like a resident in the region. However, FIFA World Cup 2022 played a significant role in accelerating the demand for Dubai real estate market.
Additionally, many investors view buying properties in Dubai as a wise investment strategy. Renting out these properties offers impressive ROI to the investor which makes the Dubai real estate market one of the hottest destinations for profitable investments. Property investors and experts believe – nothing can beat the city’s pace of development and strong regulatory framework which works to protect the investors’ interest. Since Dubai is a fast-growing market, the world cup pivoted its growth multifold and is benefiting investors with huge capital gains and higher rental yields.
Have you ever wondered why Dubai real estate market holds a strong position as people’s first choice for investment?
It is simply because Dubai is one of the first Emirates that allow foreigners to purchase their own property in the region. With this decision, the money of several investors has grown significantly. Right after the announcement of FIFA 2022, many landlords switched to short-term rental plans to meet the fueling demand for tourist accommodation.
Though Dubai is not much bigger than Doha geographically, but this emirate attracts tourists in huge numbers. In addition, the globally reputed Burj Khalifa, mega malls and glitzy hotels in the city make tourists flock in the huge crowd, leaving an exponential growth impact on Dubai real estate market.
What’s next?
The influx of tourists during the world cup also included HNIs who opted to stay in Dubai. The city is predicted to attract long-term investments for its lifestyle, opulence and world-class infrastructure. People who have not closely seen the benefits of living in the city before the world cup would have now discovered the perks of investing in the Dubai real estate market.