Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.

Qatar made history in 2022 when it became the first Arab or Middle Eastern country to host the FIFA World Cup. The tournament attracted 3.8 million spectators from all over the world. The global event had a significant impact on Qatar, and the residential sector was one of the areas that benefited most.

According to the ‘Destination Qatar 2023’ report by Knight Frank, due to the global sporting event, around 850,000 new jobs were created between 2010 and 2022 in the residential sector. 

An influx of expatriate workers helped the country’s population swell by 60% to an estimated 2.75 million at the end of 2022, placing upward pressure on rents, as rent increased by 25-30% in some districts over the past 12 months. 

The prime residential leasing market for apartments has seen yearly rents grow by 22% during 2022 to an average of about $3,378.

According to reports, Qatar spent over $300 billion on new infrastructure, including a state-of-the-art metro system, a new international airport, and several new cities. These investments have transformed Qatar into a regional hub for business, tourism, and culture.

In 2022, Qatar had the world’s highest GDP per capita at an estimated $69,000. In turn, the luxury segment of the residential market experienced unrelenting demand from Qatari second-home buyers.