From November, the world's eyes will be on Qatar. Everyone's excited for the FIFA World Cup kicking off, maybe not the residents of Qatar themselves, however. In a bid to meet the expected 1.2 million football visitors during the month-long tournament, the country has attempted everything from cruise ships to regional shuttle flights to cram people in, and landlords have decided to hike prices.
Landlords have sensed an opportunity, and now residents in popular neighbourhoods face rent hikes as much as 40% and contract periods stretching two years. This situation has led some tenants to move after multiple years of residency due to the lack of affordability. In addition, many hotels have requested long-term occupants to vacate and make room for teams and officials, leaving residents with few options in a country with an 88% expatriate population and low homeownership rates.
Why it matters
It is little wonder that landlords are looking to cash in on the boom of the World Cup. This is due to the mixed future of the small peninsula, with a majority expat community propping up the population and the future of Qatar’s economy outside oil and gas.