Qatar's real estate market remained buoyant, last year. The real estate sector witnessed deals valuing more than QR22.77bn in 2019 that demonstrates the strong interest of investors in country’s growing real estate market. Deals worth QR1.58bn were done during December last year, compared to QR1.55bn in November, showing a growth of around two percent, according to the Qatar Monthly Statistics report released recently by the Planning and Statistics Authority.
October emerged as the busiest month as it witnessed deals worth QR4.36bn, making it the month with highest value of deals during the year. All the verticals of real estate sector witnessed increased activity during 2019. According to ValuStrat, a real estate consultancy firm, with an addition of 1,750 units during the fourth quarter (Q4) of 2019, the total housing stock in Qatar was estimated at 297,650 units by end 2019. Around 90 percent of the added supply comprised of apartments handed over in Lusail (Fox Hills, Al Kharaej and Marina District), The Pearl, Al Sadd and Al Mirqab.
Till November 2019, 1.86 million visitors arrived in Qatar, which is an increase of 14 percent compared to the same period in 2018. Construction of an estimated 700,000sqm Gross Leasable Area (GLA) of office space was completed in 2019, bringing the total office supply to an estimated 4.8 million sqm GLA. Five office projects were added during Q4 2019 in Lusail, Al Mirqab, C-Ring Road (Al Mansoura) and Al Sadd comprising 160,000 sqm GLA.
Hospitality sectors also witnessed expansion last year. A total of 1,050 rooms to the hospitality sector were added during the last quarter. Park Hyatt (187 keys) in Musheireb Downtown, Saraya Town Hotel (310 keys) in Al Ghanim, Double Tree by Hilton Doha (139 keys) in Al Sadd and Hilton Doha The Pearl Residences (414 keys) in The Pearl were unveiled during the last quarter.
Countrywide occupancy of hotels for the same period stood at 64 percent, up five percent compared to 2018. Organised retail supply increased five percent during 2019, reaching up to 1.89 million sqm GLA. An estimated 462,000sqm spread over five shopping centres is in the pipeline for 2020. The retail market continues to remain tenant friendly where landlords offer lucrative incentives to retain existing retailers and attract new leases. With the help of the proactive policies of the government, the real estate sector will reach new heights this year.
