1,100 hotel keys to be introduced into Qatar market in 2025: ValuStrat
Some 1,100 hotel keys are to be introduced into the Qatar market in 2025, researcher ValuStrat said in a report.
The total hospitality stock estimated by Qatar Tourism was 39,828 keys at the end of the fourth quarter in 2024.
Some 67% of the total stock comprised four to five-star hotels, whereas 7.5% was classified within the one to three-star segments, ValuStrat said in its latest country report. Average hotel occupancy was at 67%, an increase of 15%.
As of December 2024 (YTD), the Average Daily Rate (ADR) was QR428, an increase of 5% YoY.
Whilst the Revenue per Available Room (RevPAR) was QR285, marking a rise of 21%, the ADR for five-star hotels was QR602.
The ADR for three and four-star hotels was QR193 and QR240 respectively, it said.
Hotel occupancy got a boost in the fourth quarter, when the total visitor count surpassed 5mn, reflecting a 25% YoY increase. Travellers from GCC nations accounted for 41% of the total.
In terms of the retail segment, the total retail supply remained stable QoQ at 5.5mn sq m gross leasable area (GLA) since there were no major additions during the fourth quarter.
Doha Mall held its soft opening in the last quarter, with plans to feature a total of 250 retail outlets. Key anchor stores, including LuLu Hypermarket and Jarir Bookstore, were already operational.
The median monthly rent for shopping centres in Q4 2024 declined by 2% QoQ and 6% yearly.
In the office segment, the average monthly rents stabilised on a quarterly basis at QR66 per sq m, while reducing by 1.5% YoY.
An estimated 170,000 sq m GLA was expected to be added during the fourth quarter of 2024, however construction delays have pushed the completion dates to 2025, ValuStrat noted.
Qatar's hospitality sector emerged as a standout performer in 2024, supported by a well-structured events calendar that sustained visitor inflows.
Annual occupancy rates remained above 66% even during the typically slower summer months, showcasing Qatar's strategic efforts to position itself as a year-round destination.
On the whole, Qatar's real estate market remained largely stable over the past year, with outcomes closely mirroring expectations, ValuStrat said. While modest declines were observed in certain segments, the overall market held steady.
A slight recovery was evident in the second half of the year, particularly in the residential sector, where larger, high-end units saw improved performance in select areas, ValuStrat noted.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
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