As many as 988 hotel keys were added during the first half of 2020 with the opening of Pullman Hotel in West Bay, Imperium Residences in Najma, Dusit D2 Salwa Doha in Muraikh and Al Liwan Suites in Rawdat Al Khail and Diyafa Hotel Suites in Al Sadd, Middle East’s leading consulting firm and advisory group ValuStrat has said in its latest report.
As per ValuStrat research, 10,000 keys are in pipeline till 2021. There were reported delays in the launch of hotels in 2020 due to uncertainty caused by the advent of COVID-19, it said.
As per Qatar National Tourism Council (QNTC), the total stock was 27,261 keys in 130 hotels and hotel apartments by the end of 2019. The five-star segment is the largest in size and encompassed 12,900 rooms across 49 properties at the close of 2019.
A total of 21,500 rooms across 107 projects are under construction at various stages of development, it said.
According to ValuStrat, the gap between demand and supply at the end of 2019 was estimated at 9,000 keys. This is projected to increase by the end of 2020 depending on the recovery of tourist arrivals and the influx of new properties.
About the residential sector, the report said that the overall residential supply totalled 300,550 units at the end of the first half this year.
The first six months of 2020 saw the completion of 2,250 apartments and 700 villas are scheduled to be handed over this year, it said.
An estimated 2,000 units were concentrated in Lusail, The Pearl and West Bay. Al Bandary Real Estate launched Al Shahed Tower with individual units for sale.
“Tower 13 and 15 of Viva Bahriya, The Pearl started leasing. Phase 1B in Musheireb Downtown also completed construction comprising 157 apartments,” the report said.
Approximately, 7,250 units are projected to be added during the remaining quarters of 2020, the report said adding that some notable developments in the pipeline are Abraj Bay Towers in Abraj Quartier in The Pearl, Al Mutahida Towers and Tower 24 in Viva Bahriya The Pearl, Al Darwish and Arwa Tower in West Bay and Amwaj Tower in Waterfront district, Lusail.
A significant amount of existing supply is being delivered in the form of medium to large size projects targeting upper-middle to high-income families, it said.
“Demand is being generated by lower-middle-income segments,” ValuStrat said in its first-half review of Qatar’s real estate market.
As of the first half of 2020, the supply of office space was 5,060,000 sq m gross leasable area. As per ValuStrat research, 60 percent of existing office space is of Grade-A.
There was an addition of seven office buildings and four mixed-use buildings during the first half of 2020 in Lusail (Marina and Energy City), Najma, Fereej Bin Omran, Abu Hamour, Al Wakrah, Al Wukair and Umm Salal comprising 220,000 sq m gross leasable area.
Upcoming projects in 2020, currently under development totalled 580,000 gross leasable area, 48 percent of which are located in Lusail (Fox Hills, Energy District and Marina District) and Al Dafna and the remaining projects are located in Duhail, Nuaija, Al Hitmi, Al Sadd, Umm Ghuwailina and Al Muntazah.
“During the first half of 2020, we observed an increase in launches of companies working in e-commerce, finance and technology,” the report said.
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