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Report
Commercial Real Estate Market In Qatar - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
Qatar's economy is one of the fastest-growing economies in the world. Some of the major factors driving the growth of commercial real estate in Qatar are increasing construction activities, GDP growth, and the introduction of various policies by the government. The majority of the construction activities happening in the country are for high-end residential towers, white-collar office spaces, luxury hotels, and shopping malls. Events, such as the 2022 FIFA World Cup, are estimated to draw nearly 1.5 million fans, which may increase the demand for hotel rooms in the country. This is expected to boost the hospitality sector in the country, as Qatar currently has around 26,500 hotel rooms, and it is anticipated that the country may add 15,000 rooms by 2022.
The retail space growth also doubled in the last three years, and it is expected to grow by nearly 50% more by 2021, with many new malls scheduled to open in the upcoming years. Qatar is also witnessing a rising demand for infrastructure and logistics, and events, such as the 2022 FIFA World Cup are driving more demand for logistics and warehouses in the country. Qatar's government has also introduced foreign-ownership laws for various asset classes in the country, which has benefitted the real estate market. As per this new law, the asset classes, including offices, shops, and residential villas, in a compound are legalized for freehold ownership.
There is a significant increase in the number of market players in Qatar, majorly driven by infrastructure development and construction activities happening in the country. The Qatari real estate market is also witnessing innovations and improvements, such as increased public-private partnerships by the government, which is driving more companies to enter the country's real estate market.
The impact of COVID-19 on the Qatar commercial real estate market is evident through the standstill office expansion plans, minimal sales, and numerous deferments in leases. Customers are deferring purchases across the sector, which may result in significant revenue disruption and reduced demand and realizations.
Qatar Commercial Real Estate Market Trends
Growing Demand for Offices in Qatar
As of Q1 2021, the supply of office space was 5.5 million sq. m Gross Leasable Area (GLA). Moreover, 62% of the existing stock was of Grade-A. Seven office projects were added in Q1 2021 in Lusail, Ain Khaled (Salwa Road), Fereej Abdul Aziz, Old Airport, Al Muntazah, and Msheireb comprising 145,000 sq. m GLA. Upcoming projects until 2022, currently under development, totaled 1.28 million sq. m GLA, 62% of which is located in Lusail (Fox Hills, Energy City, Commercial Boulevard, and Marina District), remaining mixed amongst Umm Ghuwailina, Al Hitmi, and Al Dafna.
Increasing Travellers Boosting the Hospitality Sector
Due to restrictions on inbound tourism, the number of arrivals was limited during the pandemic. The total number of visitors to Qatar in the first two months of 2021 was 27,759, a 94% decrease from February 2020. Reopening borders and travel with Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt is expected to boost tourism. Asia accounted for 47.6% of tourist visitors, followed by Europe and the Gulf Cooperation Council.
The average hotel occupancy rate in February 2021 was 64%, up by 2% from February 2020. Hotel quarantine requirements and staycations improved occupancy. Quarantine was set up in 60 hotels for travelers returning to Qatar. According to Discover Qatar, 85,000 return visitors were scheduled to arrive in March 2021. The ADR for 5-hotels in The Pearl was QAR 750 (Superior), QAR 950 (Deluxe), and QAR 1,450 (Premium) (Suite).
Qatar Commercial Real Estate Market Competitor Analysis
The Qatari commercial real estate market is fragmented, with some of the major real estate players, such as Barwa Real Estate Company, Ezdan Holdings, United Development Company, Mazaya Qatar, and First Qatar. There is increasing market competition among online portals and real estate companies in the Qatari real estate market. The online property market in Qatar has been dominated by a few real estate portals, such as property finder.qa and mubaweb.com. The sales proportion of real estate properties through the online market has consistently grown, owing to rising internet penetration, growing demand, incline in personal disposable incomes, and surging middle-class youth population.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Current Economic Scenario and Consumer Sentiment
4.2 Commercial Real Estate Buying Trends - Socioeconomic and Demographic Insights
4.3 Government Initiatives and Regulatory Aspects for the Commercial Real Estate Sector
4.4 Insights into Existing and Upcoming Projects
4.5 Insights into Interest Rate Regime for General Economy and Real Estate Lending
4.6 Insights into Rental Yields in the Commercial Real Estate Segment
4.7 Insights into Capital Market Penetration and REIT Presence in Commercial Real Estate
4.8 Insights into Public-private Partnerships in Commercial Real Estate
4.9 Insights into Real Estate Tech and Startups Active in the Real Estate Segment (Broking, Social Media, Facility Management, and Property Management)
4.10 Impact of COVID-19 on the Market
4.11 Market Dynamics
4.11.1 Drivers
4.11.2 Restraints
4.11.3 Opportunities
4.11.4 Challenges
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Offices
5.1.2 Retail
5.1.3 Industrial
5.1.4 Logistics
5.1.5 Multi-family
5.1.6 Hospitality
5.2 By Key Cities
5.2.1 Doha
5.2.2 Al Wakrah
5.2.3 Al Rayyan
5.2.4 Rest of Qatar
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration
6.2 Company Profiles
6.2.1 Developers
6.2.1.1 Barwa Real Estate Company
6.2.1.2 Ezdan Holdings
6.2.1.3 United Development Company
6.2.1.4 Mazaya Qatar
6.2.1.5 First Qatar
6.2.2 Other Companies (Real Estate Agencies, Startups, Associations, etc.)
6.2.2.1 Qatar Living
6.2.2.2 Propertyfinder Qatar
6.2.2.3 Mubaweb Qatar
6.2.2.4 Al Adekhar Real Estate
6.2.2.5 Al Asmakh Real Estate Development
6.2.2.6 MD Properties
6.2.2.7 Garvey Properties
7 FUTURE OF THE MARKET AND ANALYST RECOMMENDATIONS
8 INVESTMENT ANALYSIS
8.1 Direct Investments
8.2 Indirect Investments
9 DISCLAIMER
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