This once in four years event is all set to win hearts the world over! Football fans are looking for multiple and cost-effective ways to attend the FIFA world cup 2022 in person which will be held in Doha, Qatar between November 20, 2022, to December 18, 2022. A vast majority of them are looking for accommodation in countries close to Qatar as the region is well connected through a high frequency of flights operating between them.
Benefits to Dubai Real Estate from Fifa World Cup 2022
People have understood the benefits of long-term investments in Dubai real estate which offers great property deals with unmatched luxury and splendour. International visitors prefer Dubai for its seamless connectivity to both sides of the globe, high reputation, interesting investment plans and impressive ROI.
Due to the lifting of Covid-19 restrictions and massive excitement surrounding the event, there has been a huge upsurge in the number of people searching for properties in Dubai, which is being considered a ‘gateway to the world cup.’ Some leading airlines have increased the number of flights across the region to accommodate the rise in demand. Multiple entry visas are another contributing factor to making Dubai among the most ideal places to attend the world cup organized in its neighbouring country.
Prospective buyers and FIFA spectators of high net worth
It is seen that the High Net Worth Individuals (HNIs) seeking properties for the FIFA world cup 2022 have witnessed a further demand, thus giving a boost to the real estate of Dubai. There is no doubt that most of the hotels are going fully booked due to the liberal visa entry policies of the government and Dubai serving as a highly attractive tourist and business hub. This flood of demand is being diversified as more people, largely young people are seeking short-term rentals in Dubai from the accommodation as well as a long-term investment perspective. “With HNWIs classified as having between $1 million and $5 million of net worth, luxury properties are often their purchase preference.”
“In terms of transactions, it was a record August and the highest monthly figure is seen since 2009, with residential sales transaction numbers reaching 8,882. Overall, in the first eight months, there were just under 60,000 transactions registered in Dubai, 88.4 per cent of which were residential, marking an annual increase of 59 per cent and equal to 97.8 per cent of the entire annual transaction volume of 2021,” Scott Bond, UAE Country Manager for Property Finder said.
Average apartment prices and rents have also surged by 25%. Property owners are having an added advantage due to the global event, as the non-vacancy of hotel rooms is making fans move to apartments and villas for their stay during the FIFA world cup 2022, for which they are required to pay a huge premium as well.
Dubai Real Estate Investment
This is a progressive sign to zoom the real estate of Dubai, encouraging more people to purchase properties than just opting for rentals. One of the most important factors that is making Dubai an attractive location to witness the world cup is the high accommodation prices in Doha and Dubai’s open and liberal environment like the wider availability of alcohol, no specific clothing code or relaxed social standards as compared to other GCC countries is driving an increasing number of people towards Dubai.
Dubai’s luxury holiday home provides the perfect base to absorb and fulfil the demands of fans belonging to diverse segments. Areas like Palm Jumeirah, Dubai Marina, and Downtown Dubai among others are most in demand. Short-term rentals are being preferred over annual leases, and as the supply of such residential units falls, the rental incomes experience an upward trend.
Real estate owners are capitalizing on this massive opportunity to push tenants into buying properties in Dubai as the price for rent runs high so interested people are considering utilizing their money into paying for the down payment of a property in Dubai instead of bearing high rents. “Apartments in the affordable category have witnessed an increase of 21 per cent, while the rental cost for luxury flats has gone up to 43 per cent.”
FIFA World Cup Visitors Show Strong Interest in Dubai Real Estate
Most of the short-term rental options in real estate are experiencing an advanced booking for November and December but the real effect of the world cup will be observed during October itself. “Dubai real estate investment across the country is forecasted to exceed AED 300bn by the end of the year,” so Dubai is all set to convert football lovers into real estate owners.
Dubai is the most enticing real estate market in the gulf for its uniformity in policy decisions, the huge scale and potential for development, its inclusive environment and its safe investment infrastructure for individuals to invest in long-term assets. With Dubai real estate all ready to reap the benefits of the ‘FIFA effect,’ make sure to seek the expert opinion of our highly experienced real estate advisors. They will help you to thoroughly understand and gain insights into the ongoing trends dominating the real estate market of Dubai.
With the world’s most popular FIFA world cup 2022 on the horizon, now is the time to invest in Dubai property. The city is primed for a real estate boom as visitors flock to see their favourite teams compete. If you’re considering buying property in Dubai or have questions about the process, our team at Clematis Properties would be more than happy to help. We have extensive experience helping clients find and purchase the perfect home or investment property. Contact us today to get started.