Doha: Supreme Committee for Delivery & Legacy has declared opening application of accommodation requests for housing units to serve FIFA World Cup 2022, and has signed a memorandum of understanding with the Ministry of Administrative Development, Labor and Social Affairs, coupled with high expectations of stabilised real estate price index, according to Ezdan Real Estate report.
The new procedures are expected to encourage landlords and investors to partake in the global sports event by providing the opportunity to rent out their properties that comply with the standards for a period extending to minimum 5 years renewable. This is expected to be effective in balancing the supply and demand according to the national market needs during the World Cup.
The Supreme Committee for Delivery & Legacy has opened door for submitting applications and registration through filling in an electronic form via the website by investors and landlords so they can offer their properties for rent provided that they should be fulfilling the established standards. An ad hoc committee will be in charge of inspecting the properties and accommodation units to serve this process, according to the report.
Regarding real estate activity during the period from 1 to 5 March 2020, Ezdan reported reflected a significant rise compared to an earlier week on clinching of substantial deals worth more than QR40m, boosting the total value of sale property deals. The Real Estate Registration Department has registered 88 property sale deals with a total value of approximately QR400.8m. The deals were closed in 7 municipalities: Umm Salal, Al Khor, Al Thakira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra, and which included vacant land lots, multi-use buildings, multi-use lands, and residential buildings. Doha ranked first in terms of highest deal value of QR42.6m, at QR700 per square foot.
On the other hand, Al Rayyan ranked second in terms of highest deal value after the sale of a multi-use building in the Muraykh area, with a value of QR 40.m, spanning over an area of 13069 square meters at a price of QR 288 square foot. However, Al Shamal has witnessed a single deal at a lowest value that entailed the sale of a vacant land lot on an area of 425 square meters that at QR 115 per foot square, totaling QR525,000.
