Qatar is all set to welcome more than 12 million football fans from all over the world as it cherishes the opportunity to be the first country in the Arab world to host a football world cup.
The stage is ready, and bookings for accommodations are in full swing. Fans have already reached the host country to watch the action live on the ground.
Just like previous host countries, Qatar is going to benefit from this opportunity in more than one way. There will be a boost in hospitality, real estate, and other sectors. However, this year, these benefits are going to extend beyond the geographical boundaries of the host country.
With Qatar’s inability to accommodate a huge number of football fans and the surged-up hotel prices, the neighbouring emirate, Dubai, has emerged as a second choice for many.
The fact that Dubai has already established itself as a tourism destination has helped it to become a suitable option for football fans. Other than that, the multiple-entry tourist visas make it easier for world cup ticket holders to fly to and from the emirate conveniently.
The effects of Fifa World Cup 2022 are already visible as the demand for hotel rooms has seen a massive surge, despite a nearly 10 per cent increase in supply as compared to the last year. Not only this, there has been a major improvement in the demand for short-term rentals as well. Since hotel room prices are increasing, fans are looking for affordable options, which has resulted in a higher demand for vacation rentals.
According to reports, many landlords have already switched from one-year rentals to short-term rentals. Due to the increased demand, more landlords are making this switch with the hopes of benefiting from the 28-day-long event.
Apart from rentals, Fifa World Cup 2022 may also boost investment in Dubai. Many HNWIs and millionaires are expected to stay in Dubai for the duration of the tournament. It will allow them to experience the lifestyle in the emirate first-hand and the way the real estate sector is progressing here, despite the global challenges. This exposure and experience may compel them to invest in the Dubai property market, giving it a further push.
It’s not only the Dubai property market that will benefit from the Fifa World Cup. The benefits extend to other sectors as well. For example, tourism in Dubai, which already attracts people from across the globe, will see a boost as football fans will capitalise on this opportunity of being in the emirate and exploring its world-class attractions.
Besides that, food and beverages, logistics, and retail sectors will benefit significantly from this mega sports event. The cumulative effect will be an improved economy that will ultimately benefit the country.
Ata Shobeiry is the chief executive of Zoom Property. Views expressed are his own and do not reflect the newspaper's policy.
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