Some 21 residential projects are expected to be added in Qatar in 2024, with more than 60% in Doha located in Lusail and the rest in Doha, researcher ValuStrat said in a report.
This year will see the completion of a “high concentration” of apartments ValuStrat said and noted most under-construction residential buildings are located in Fox Hills, Lusail, and in La Plage South, Doha.
According to the researcher, the country’s residential segment will experience an “annual depreciation reflecting a gradual correction” in the sales market, which it said will be reflected on its ValuStrat Price Index (VPI).
In the office segment, for 2024, projects in the pipeline are expected to reach 350,000sq m gross leasable area (GLA), representing an estimated increase of 50% in the forecast.
With the majority of the projects being delayed during 2023, oversupply is projected to exceed 2mn sq m GLA, which may continue to put “downward pressure” on the performance of the commercial sector.
In the retail segment, ValuStrat noted Shop Qatar, a recurring January event, has elevated mall footfall and consumer engagement around the country.
Most of the retail expected to be added during 2024 is developed in conjunction with mixed-use developments such as residential clusters or hospitality.
The researcher noted that an upcoming development includes a Souq on Qetaifan Island North in Lusail, projected to be the size of a community mall, spanning around 11,000sq m GLA.
As per ValuStrat research, for the year 2024 more than 2,225 keys are expected to be added to the hospitality stock.
Qatar’s first Habitas hotel is commencing operations in 2024 in Ras Abrouq, with 42 villas, adventure, retail, and F&B the hotel promotes a stage for art exhibits, concerts, and film screenings.
IHG Hotels & Resorts is set to complete its first Velero Hotel Vignette Collection in Lusail, Doha in the first quarter (Q1) 2024.
Qatar’s tourism segment will be a major beneficiary of the Expo 2023 Doha, Qatar (International Horticulture Expo 2023-2024) expected to bring in 3mn tourists during the event period.
Generally on the local economy, the researcher noted, “As per the International Monetary Fund (IMF), Qatar’s real GDP growth is expected to reduce to 2.2% during 2024 moving towards further adjustment after the World Cup boost. The US Federal Reserve has indicated the possibility of at least three rate cuts in 2024. It is anticipated that the Qatar Central Bank will likely follow suit.
“Qatar’s inflation is forecasted to reach 2.3% in 2024, as per the IMF.”
For a detailed perspective on the property market, visit: Qatar - Review 2023-2024 Outlook
