Doha, Qatar: As part of the ongoing initiatives and commitments implemented by the authorities in Qatar, the hospitality and tourism industry constantly witnesses a major development in drawing the attention of individuals worldwide.
Analysts in the country mentioned that these enhancements will further drive the growth in the market.
Anthony Fernando, Director – Valuations, ValuStrat Qatar told The Peninsula that “In Q4 2023, Qatar’s hotel and tourism sector showcased an exemplary performance underpinned by the city’s strategic initiatives and world-class hospitality standards.”
The key impacting factor that bolstered the sector is the surging number of tourists and arrivals from across the globe due to the cultural and global events that take place in the
country.
He said: “With an influx of international tourists of around 4 million visitors, attracted by cultural festivals, sporting events, and business conferences, Doha’s hotels enjoyed steady growth in occupancy rates, averaging at ca. 58 percent.”
Fernando also highlighted “Luxury and boutique hotels, in particular, reported unprecedented demand, highlighting Doha’s growing appeal as a premier luxury destination.”
He further stated the final quarter of the year also noticed momentous progress in “sustainable tourism practices”, which comes under Qatar’s long-term national strategy vision for environmental stewardship and social responsibility.
Fernando remarked, “The government’s continued investment in infrastructure, including the expansion of Hamad International Airport and enhancement of public transportation, further facilitated tourist mobility and accessibility.”
On the other hand, hotel rooms continued to see a positive trajectory upward trend due to the
mentioned occurrences as the demand for occupancy soared.
He noted “The total hospitality stock was estimated at 39,233 keys, of which 66 percent are classified under the 4-5-star hotel segment. The number of keys in the market is expected to see steady growth in 2024, with notable projects such as the Oasis Hotel and the Doha Live Project estimated to add 500+ keys.”
“As we look towards 2024, Doha’s hotel and tourism sector is poised for continued growth, driven by innovative strategies that prioritise sustainability, inclusivity, and world-class hospitality, setting a new benchmark for the global tourism industry,” Fernando added.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q4 2023
