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Satyendra Pathak
Doha
The residential market across Qatar stabilised in the fourth quarter of 2019 as compared to the previous quarters, Al Asmakh Valuations and Research has said in its latest report.
According to the Qatar Real Estate Q4, 2019 report, steady increase in population partially supports the demand for housing in the country.
The number of overall residential units in the country reached 360,000 by the end of 2019 with an additional supply of 90,000 units in the pipeline expected to be delivered in 2020, the report said.
Despite the new supplies, the report said, increasing demand from government entities and private companies for residential units to accommodate their employees are resulting in higher occupancy.
As per the report, the average villa and apartment occupancy in the country is 70 percent and 60 percent respectively.
“Residential market expands beyond familiar neighborhood due to supplies in new localities. These new localities are well connected and have modern infrastructure. Home seekers with budget constraints can explore these locations such as Umm Slal, Semaismah, Rawdat Al Hamam where 3BR and 4BR villas are available in the range of QR7,000 to QR10,000,” the report said.
Overall land rates are also stabilising across Qatar, the report said. In the fourth quarter of 2019, the land transactions in the villa segment recorded in Al Thumama, Doha municipality were in the range of QR300 to QR350 per square feet.
In Al Gharafa and Muaither, it was in the range of QR350 to QR450 per square feet. In Al Wukair, the land transaction witnessed were in the range QR200 to QR250 per square feet.
Various locations in other neighboring municipalities of Doha, the land banks were transacted in the range QR140 to QR300 per square feet.
Commenting on the hospitality sector, the report said the total number of hotels in Qatar reached 132 by the end of 2019 with close to around 26,700 keys across all star categories.
More than 75 percent of room keys are still with 4-star and 5-star categories and 70 percent of keys are confined in West Bay alone.
Citing government statistics, the report said the average hotel occupancy in 5-star hotels in the fourth quarter was around 62 percent, while average daily rates (ADRs) and revenue per available room (RevPAR’s) were QR540 and QR332 respectively.
Most malls in the country are performing well in terms of occupancy, the report said.
The occupancies in the prime malls are expected to be around 80 percent with anchor brands holding the maximum share. The secondary malls command monthly rentals of around QR200 to QR260 per square meter while the average occupancy in secondary malls are also around 80 percent, the report said.
Doha
The residential market across Qatar stabilised in the fourth quarter of 2019 as compared to the previous quarters, Al Asmakh Valuations and Research has said in its latest report.
According to the Qatar Real Estate Q4, 2019 report, steady increase in population partially supports the demand for housing in the country.
The number of overall residential units in the country reached 360,000 by the end of 2019 with an additional supply of 90,000 units in the pipeline expected to be delivered in 2020, the report said.
Despite the new supplies, the report said, increasing demand from government entities and private companies for residential units to accommodate their employees are resulting in higher occupancy.
As per the report, the average villa and apartment occupancy in the country is 70 percent and 60 percent respectively.
“Residential market expands beyond familiar neighborhood due to supplies in new localities. These new localities are well connected and have modern infrastructure. Home seekers with budget constraints can explore these locations such as Umm Slal, Semaismah, Rawdat Al Hamam where 3BR and 4BR villas are available in the range of QR7,000 to QR10,000,” the report said.
Overall land rates are also stabilising across Qatar, the report said. In the fourth quarter of 2019, the land transactions in the villa segment recorded in Al Thumama, Doha municipality were in the range of QR300 to QR350 per square feet.
In Al Gharafa and Muaither, it was in the range of QR350 to QR450 per square feet. In Al Wukair, the land transaction witnessed were in the range QR200 to QR250 per square feet.
Various locations in other neighboring municipalities of Doha, the land banks were transacted in the range QR140 to QR300 per square feet.
Commenting on the hospitality sector, the report said the total number of hotels in Qatar reached 132 by the end of 2019 with close to around 26,700 keys across all star categories.
More than 75 percent of room keys are still with 4-star and 5-star categories and 70 percent of keys are confined in West Bay alone.
Citing government statistics, the report said the average hotel occupancy in 5-star hotels in the fourth quarter was around 62 percent, while average daily rates (ADRs) and revenue per available room (RevPAR’s) were QR540 and QR332 respectively.
Most malls in the country are performing well in terms of occupancy, the report said.
The occupancies in the prime malls are expected to be around 80 percent with anchor brands holding the maximum share. The secondary malls command monthly rentals of around QR200 to QR260 per square meter while the average occupancy in secondary malls are also around 80 percent, the report said.
