Around 3,500 hotel keys are in Qatar's pipeline until 2025, with hotels comprising 83% and hotel apartments making up 17%, according to researcher ValuStrat.
Total hospitality stock estimated by Qatar Tourism was 40,053 keys, ValuStrat said in its latest report on Qatar's real estate market.
Some 67% of the total stock comprised 4 to 5-star hotels, whereas 7.5% was classified within the one to three star segments.
As per ValuStrat research, the number of hotel/serviced apartments (branded and non-branded) in the country were 13,500 units as of third quarter (Q3) 2024.
Total foreign arrivals exceeded 3.9mn, year to date (YTD) third quarter, 2024, reflecting a jump of 25.6% year-over-year (YoY).
This growth is primarily driven by government-hosted local and international events taking advantage of the cooler months, ValuStrat noted.
Some 44% of foreign arrivals were from GCC countries, while 20% and 22% were from other Asian and European countries respectively.
YTD September, the average daily rate (ADR) was QR430, an increase of 6% YoY.
While the revenue per available room (RevPAR) was QR284, marking a rise of 30%, hotel occupancy was measured at 66%, registering an increment of 23% YoY.
The ADR for five-star hotels was QR603, while the ADR for 3 and 4-star hotels was QR195 and QR243 respectively.
Qatar started its cruise season with an expectation of 95 ships with 43,000 passengers, while Lusail opened gates for Winter Wonderland as part of the country’s end of year carnivals.
The “Grand Tours visa” introduced by the GCC is expected to come in to effect by the end of year allowing for free travel within the six Gulf countries.
According to ValuStrat, the third quarter indicated continued stability across Qatar’s real estate market. While certain high-end areas experienced increased rental rates for larger bedroom units, the primary observation is that the market remained notably steady throughout the period.
The ValuStrat Price Index held consistent with the prior quarter at 96.6 points and showed no significant annual shift.
Benchmarked to a base of 100 points set in first quarter (Q1) of 2021, the apartment index registered at 97.5 points and villas at 96.3 points, with valuation prices in both categories showing no quarterly or yearly fluctuations.
In summary, while the third quarter (Q3) presented a stable real estate landscape, market signals suggest a measured outlook for the coming months, hinting at a mix of steady performance with selective areas of optimism, ValuStrat noted.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q3 2024
