Thursday, 21 March 2019 04:09 GMT
img

More residential units to top up Qatar's property market in '18



(MENAFN - The Peninsula) By Satish Kanady I The Peninsula

DOHA: An estimated 13,000 residential units are expected to be completed by the end of 2018, assuming no construction delays. These include 14 high rise apartment blocks on The Pearl and 36 apartment buildings in Lusail.

Qatar property market's total housing stock by the end of 2017 was approximately 286,125 units. For Q1 2018, nearly 1,200 units were added. Apartment supply consisted of 960 units coming from new additions in Lusail, Fereej Bin Mahmoud, Al Sadd and Najma.

Completion of villa compounds in Ain Khalid, Al Maamoura and Umm Salal Ali added 240 new units to the total stock, noted ValuStrat's first quarter review of Qatar real estate market.

In Q1, 2018 total value of housing transactions amounted to QR1.4m.

The five largest ticket sizes were seen in The Pearl, Muraikh, New Al Salata, Rawdhat Al Hamama and Al Mashaf for developed plots ranging from 1,500 sq m to 7,500 sq m. Majority of transactions were in Al Rayyan (29 percent) followed by Doha (21 percent), Al Daayen (20 percent) and Umm Salal (12 percent).

There were 30 transactions for residential buildings with 45 percent transactions above the median ticket price concentrated in The Pearl, Fereej Abdul Aziz and Old Airport.

As of Q1 2018, the total estimated Gross Leasable Area (GLA) of Qatar's office supply stood at 3.94 million sq m. Five office buildings were added this quarter with two in Lusail (Energy City) and one each in Fereej Bin Mahmoud, Al Muntazah (C Ring Road) and Al Aziziya (Salwa Road), comprising 50,000 sq m GLA. An estimated 910,000 sq m is in the 2018 pipeline, with at least 70 percent concentrated in Lusail.

On office space, the report said city wide increases in vacancies, and new supply stock, is creating downward pressure on office rentals in secondary locations.

On the retail supply ValuStrat said Palms Mall (6,384 sq m GLA) in Muaither was completed and is expected to feature 32 retail units, 12 restaurants and an entertainment centre. Tawar Mall was officially launched comprising 91,000 sq m GLA. As of Q1 2018, total supply of organised retail space reached 1.76 million sq m, with 415,000 sq m GLA (5 malls) in the pipeline for the remaining quarters.

Approximately 100,000 sq m GLA of unorganised retail space (street retail stores, supermarkets and traditional souqs) is projected for completion by end of 2018.

Based on GLA and population figures, shopping centre GLA of Qatar is 667 sq m per 1,000 capita compared to the GCC average of 580 sq m per 1,000 capita.

Local companies accounted for 33 percent of e-commerce transactions (QR4.7bn) in 2017, as per latest statistics released by Ministry of Transport and Communications.

The 2nd edition of Shop Qatar festival resulted in increased footfall in all 13 participating super regional and regional malls. Despite an influx of supply, rents and occupancy rates remained stable among prime shopping destinations. Hotel supply

Total number of hotel rooms and apartments stood at 26,246 keys within 134 establishments in Q1. Approximately 50 percent of total hotel stock is 5-star, followed by 4-star (37 percent) and 3-star (11 percent).

Total hotel rooms expected to reach 32,645 by year end, with supply coming from 24 hospitality projects currently under construction (46 percent are 5-star rated).

Two hotels have been re-branded: M Doha Hotel in West Bay as Crowne Plaza Doha West Bay (317 rooms) and Movenpick Al Aziziya as Al Aziziya Boutique Hotel (140 keys).

MENAFN2105201800630000ID1096889373


More residential units to top up Qatar's property market in '18

Authors_Square_PromoteArticle2019

  Most popular stories  

Day | Week | Month