12,400 hotel keys in pipeline till 2022 in Qatar: ValuStrat

July 17, 2021
tourism

As many as 12,400 hotel keys and 1,750 serviced apartments are in pipeline till 2022, ValuStrat has said in its Qatar real estate market report for the second quarter released on Thursday.
According to the report, Qatar had a total of 29,858 keys as of the second quarter of 2021.
Highlighting the progress made in Qatar’s hotel sector during the second quarter of 2021, the report said, “Cielo Hotel in Lusail, Bentley Luxury Hotel & Suites in West Bay, Banyan Tree Doha at La Cigale Mushaireb in Mushaireb and Marriot Executive Apartments City Centre Doha in West Bay were unveiled this quarter adding a total of 1,096 keys. Hyatt Residences West Bay was rebranded as Marriot Executive Apartments City Centre Doha.”
The housing stock was approximately 306,515 units with the addition of 1,650 apartments and 150 villas during the quarter, the report said.
“As many as 4,900 units are planned to be handed over during the remaining quarters of 2021. Apartment supply consisted of 1,650 units coming from projects handed-over in Lusail (Fox Hills, Erkhyah and Marina District), The Pearl (Al Mutahidah Towers and Abraj Bay Tower 2), Al Dafna, Luqta (residential complex), Umm Ghuwailina and New Doha,” the report said.
Major projects situated in The Pearl, Lusail and Al Khor were awarded during the quarter, projected to add 575 units by end of 2024, it said.
“Residential median asking rents declined marginally by 1.1 percent quarter on quarter (QoQ), 2.9 percent over six months and 5.1 percent over a year. Median monthly asking rent for apartments fell 1.2 percent QoQ and 5.3 percent year on year (YoY),” the report said.
A slowdown in the supply of villas is lessening the fall in rent of villas indicating potential stabilisation in the medium term. Median monthly asking rent fell trivially by 0.5 percent QoQ and 4 percent YoY.
Despite a continued influx of supply in The Pearl and Lusail, these areas have experienced a relatively softer annual decline in rents due to faster absorption rates compared to secondary locations, the report said.
About office space, the report said that an estimated 76,000 sq m Gross Leasable Area (GLA) was completed during the second quarter of 2021, bringing the total workspace stock to 5.6 million sq m.
Supply of offices in Lusail has exceeded 1 million sq m GLA with two office towers added in Lusail Marina during the quarter,” the report said.
With 63 percent of pipeline supply concentrated in Lusail, the report said, the total new-builds in the zone (assuming no construction delays) is projected to reach 1.2 million sq m GLA by end of 2022.
“It is unlikely that existing private local and international companies will be expanding their office requirements in the medium term due to the adoption of flexible ‘work from home’ schedules,” the report said.
The organised retail stock comprised 1.93 million sq m GLA with no addition during the second quarter of 2021.
Almost 330,000 sq m GLA (Place Vendôme in Lusail and Doha Mall in Al Maamoura) of organised retail space is projected for completion in 2021, it said.
“Msheireb Galleria officially opened hosting Monoprix as an anchor store, joining at least 30 pop-up shops and several art galleries. Al Meera opened two branches during the quarter including a first-ever floating supermarket anchored near Al Saffliyah Island. This is in addition to acquiring two community malls in Lusail, to open new branches during the remaining quarters of 2021,” the report said.
“Increasing leniency of restrictions and promotions offered by retailers and landlords of shopping malls have been observed to boost footfall this quarter,” the report said.
“Occupancy for the retail sector was estimated at 70 percent. However, there is divergence in the recovery of sales with existing super-regional shopping centres recuperating faster compared to regional and community malls and unorganised retail spaces, the report said.

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