Latest news with #QR66
Zawya
14-02-2025
- Business
- Zawya
Qatar: Housing market key driver for realty growth in 2024
DOHA: As per the latest review report by ValuStrat, Qatar's real estate market remained relatively stable throughout the past year, with performance aligning closely with expectations. While some sectors saw slight declines, the overall market held firm and a modest recovery was noted in the latter half of the year. In particular, the residential sector saw improved performance in larger, high-end units in select areas. The ValuStrat Price Index (VPI) showed minimal fluctuations, further reflecting the market's stability. Villas and apartments maintained their value, solidifying their reputation as reliable investment options. In Q1 2024, Qatar's residential stock was estimated at 394,000 units, comprising approximately 148,000 villas and 246,000 apartments, with Census 2020 data serving as the base. The volume of transactions saw a decline of 34 percent compared to the previous quarter. However, the median transaction price for residential units rose by 3.7 percent Quarter-over-Quarter (QoQ) to QR2.8m, remaining stable year-over-year (YoY). Doha and Al Rayyan recorded the highest transaction volumes for residential houses. In terms of rental activity, the median monthly rental value of residential units decreased by 3.6 percent QoQ and 6 percent compared to the previous year. The median leasing rate for apartments dropped by 4 percent quarterly and 6.3 percent YoY, while the villa sub-market saw a more moderate decline of 1 percent QoQ and 4 percent YoY. The fourth quarter saw a remarkable recovery, with transactions up 25 percent year-over-year and a striking 168 percent increase in value, signaling strong buyer interest as favorable conditions took hold. In the office sector, there was a subtle shift in momentum. Grade A offices in West Bay and Lusail saw higher occupancy, reflecting their continued appeal, while secondary locations struggled with lower occupancy rates and declining rents. Nevertheless, office rents across the city remained steady throughout the year, underscoring their sustained demand. Qatar's total office stock was estimated at 7.1 million square meters (sq m) of Gross Leasable Area (GLA). An additional 394,000 sq m of office space is expected to be completed by 2025. Office rents saw a decline of 1.5 percent on a quarterly basis and a 5.7 percent decrease YoY, reaching QR66 per sq m per month. On the retail front, performance was mixed. Malls and street retail in Doha experienced slight quarterly declines, while retail outside the city showed greater stability, with consistent demand throughout the year. Qatar's total stock of organised retail space amounted to 2.4 million square meters (sq m) of Gross Leasable Area (GLA), with the addition of Aventura Mall (11,000 sq m GLA) during the quarter. The median monthly rent for shopping centers decreased to QR200 per sq m, reflecting a 4.8 percent decline on a quarterly basis and a 7 percent reduction compared to Q1 2022. Meanwhile, the median monthly asking rent for street retail in Doha remained stable at QR154 per sq m QoQ but showed a 3.8 percent decrease year-over-year. For street retail outside Doha, the median rent was QR146 per sq m, down 1.4 percent over the last two quarters. According to the National Planning Council, Qatar's real GDP grew by 1.5 percent YoY and 2.8 percent QoQ in Q1 2024, reaching QR175.3bn. The NPC also reported a Consumer Price Index of 106.7 points, reflecting a 0.9 percent increase YoY, however a 1.4 percent decrease month-over-month. Industry leaders expressed a 'cautiously optimistic' outlook for 2025, stating that although the market has shown consistent stability in recent quarters, early indicators of improvement in key areas suggest that growth may continue across various real estate sectors. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-02-2025
- Business
- Zawya
1,100 hotel keys to be introduced into Qatar market in 2025: ValuStrat
Qatar - The total hospitality stock estimated by Qatar Tourism was 39,828 keys at the end of the fourth quarter in 2024. PICTURE: Shaji Kayamkulam 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. (
