Doha: The second quarter of 2024 witnessed a soaring demand for the retail market as reports indicate a surge in footfall across the country. ValuStrat in its recent analysis stated that the increase resulted from retailers’ participation in numerous festivities in Qatar.
However, the median monthly rent for shopping centers registered a drop of 2 percent every quarter and 5 percent compared to the same period in 2023.
Within Doha, the monthly median asking rent for retail marts in the street saw a decrease of QR125 per sq m, falling by 5 percent compared to last quarter and 18 percent Y-o-Y.
The report notes that the median monthly rent continued to remain stable on Q-o-Q at QR145 per sq m while increasing by 2 percent Y-o-Y in terms of street retail shops across Qatar’s capital city.
On the other hand, the second quarter of the year also saw 1,500 commercial lease contracts, a plunge of 9.3 percent per annum in the region.
Among the key areas, Al Wukair, Al Mashaf, and Al Thumama witnessed the highest concentration of leasing activity with 189 contracts during the quarter, as reported by the Ministry of Municipality & Environment.
ValuStrat also mentions that the retail stock stood firm at 2.5 million sq m GLA with no major addition in Q2 2024. The shopping complex in Zone 56 Baraha Town is anticipated to be completed during the second half of 2024.
Adding to the robust sector, the Saudia Group of Companies launched its new hypermarket in Al Thumama, with a Built Up Area (BUA) of approximately 5,000 sq m during the quarter.
Q2 2024 also witnessed new spaces inaugurated such as Five Guys at the Gate Mall in West Bay, and Home Centre in Tawar Mall. Meanwhile, the Mall of Qatar announced a partnership with Abyat, which is expected to kick-start its first store in the coming year.
Additionally, Qatar’s Public transport firm Mowasalat (Karwa) launched its second kiosk in Doha Festival City and is set to launch two new booths in City Centre Doha and Lulu Hypermarket, located on D Ring Road.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q2 2024
