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With Qatar unable to accommodate large numbers of fans and hotel prices soaring, the neighboring emirate of Dubai has become a second choice for many.
A photo shows the view of Qatar’s main FIFA World Cup ticketing center in the capital Doha. The 2022 FIFA World Cup may also boost investment in Dubai. Many wealthy individuals and millionaires are expected to remain in Dubai during the race. — AFP
Qatar will welcome more than 12 million fans from around the world as it relishes the chance to become the first country in the Arab world to host a soccer World Cup.
The stage is set and accommodation bookings are in full swing. Fans have arrived in the host country to watch the game live.
Like previous hosts, Qatar will benefit from this opportunity in more than one way. Hotels, real estate and other industries will get a boost. This year, however, those benefits will transcend the geographic boundaries of the host country.
With Qatar unable to accommodate large numbers of fans and hotel prices soaring, the neighboring emirate of Dubai has become a second choice for many.
Dubai – the main beneficiary of the FIFA World Cup
The fact that Dubai has established itself as a tourist destination helps it to be a suitable choice for football fans. In addition to this, the multiple-entry tourist visa makes it easier and more convenient for World Cup ticket holders to travel to and from the UAE.
The impact of the 2022 FIFA World Cup has already been felt, with a surge in demand for hotel rooms despite a nearly 10% increase in supply compared to last year. Not only that, but the demand for short-term rentals has also improved a lot. Fans are looking for affordable options due to rising hotel rates, leading to higher demand for vacation rentals.
According to reports, many landlords have switched from one-year leases to short-term leases. Due to increased demand, more and more hosts are looking to benefit from the 28-day event.
Apart from rents, the 2022 FIFA World Cup may also boost investment in Dubai. Many wealthy individuals and millionaires are expected to remain in Dubai during the race. This will allow them to experience first-hand the way of life in the emirate and how the real estate industry is developing here, despite the global challenges. This exposure and experience may compel them to invest in the Dubai real estate market, pushing it further.
Growth beyond Dubai real estate
It’s not just Dubai’s real estate market that is benefiting from the FIFA World Cup. The benefits extend to other sectors as well. Tourism in Dubai, for example, which already attracts people from all over the world, will get a boost as football fans will take advantage of the opportunity to explore its world-class attractions in the emirate.
In addition, the food and beverage, logistics and retail industries will also benefit greatly from this major sporting event. The cumulative effect will improve the economy and ultimately benefit the country.
Ata Shobeiry is scaling properties. The views expressed are his own and do not reflect the policy of the newspaper.
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