Qatar may receive in excess of 300,000 visitors during the cruise season in 2023; consulting firm ValuStrat said citing official figures.
The country is also expected to host some 81 sports events including 14 major tournaments this year3, ValuStrat said in a report Monday.
Notable occasions include: AFC Champions League 2023, Geneva International Motor Show, Least Developed Countries (LDC5) Conference, Expo 2023 (horticulture), Grand Prix 2023 and Formula 1.
FIFA estimated 5bn viewers around the world watched the World Cup matches in November - December last year, it is possible 40mn people will seek to visit Qatar in the future.Upcoming hospitality establishments in the country include Corniche Park Towers, Doha live, Four Seasons Luxury Residence and Burj Damac Seaviews.
According to ValuStrat, Qatar rents in both residential and retail segments may fall up to 10% year-on-year (y-o-y) in 2023 on “oversupply and slowdown in demand”.
For 2023, it is expected that the ValuStrat Price Index (VPI) – Residential will experience an annual depreciation reflecting gradual market correction in the sales market.
Some 8,000 residential units are expected to be added in 2023, ValuStrat said.
Approximately 90% of the pipeline supply is concentrated in Lusail and The Pearl. Notable projects under construction include residential buildings in La Plage South and Gewan Island mixed-use development.
“Demand is projected to fall during 2023 compared to 2022, which might put downward pressures on rents of up to 10% y-o-y,” ValuStrat said.
In terms of retail, ValuStrat said the existing oversupply and slow-down in demand are expected to soften rents by an estimated average of 10% y-o-y during 2023.
Notable shopping centres in the pipeline for 2023: Boulevard Mall in Al Kheesa, Doha Mall in Al Maamoura and La Plage Mall in The Pearl.
An estimated 700,000sq m gross leasable area (GLA) of office space is underway for 2023 handover, bringing the total office space supply up to 7.3mn sq m GLA.
Oversupply is projected to exceed 2mn sq m GLA, which may continue to put downward pressure on the performance of the commercial sector, it said.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q1 2023