2023-11-29-莱坊-Qatar_Real_Estate_Market_Review_Autumn_2023_6页_1mb

报告摘要

Qatar Real Estate Market Review - Autumn 2023

Core Content

This report provides a biannual analysis of Qatar's real estate market, focusing on residential, commercial, and hospitality sectors. It highlights key trends, performance metrics, and challenges observed during the first nine months of 2023, with a particular emphasis on the impact of supply and demand imbalances, interest rates, and market competition.

Residential Market

Key Trends

The housing market is experiencing a supply-demand mismatch, leading to downward pressure on values and rents.
Interest rates have increased to 6.25%, up from 5.00% in November 2022, exacerbating affordability issues.
Residential sales transactions declined by 18% over the 12-month period ending Q3 2023.
Despite the decline in volume, total value of residential sales increased by 12%, indicating price appreciation in certain submarkets.

Price Analysis

Average villa sale prices rose by 1.5% to QAR 7,100 psm, with West Bay Lagoon at QAR 8,471 psm and Al Kharaitiyat at QAR 5,773 psm.
Average apartment sale prices declined by 3% to QAR 13,780 psm, with Fox Hills at the lowest at QAR 10,700 psm and The Waterfront at the highest at QAR 17,220 psm.

Rental Trends

Villa rental rates fell by 6.5% to QAR 1,625 per month.
Apartment rental rates declined by 9.2% to QAR 10,900 per month.
West Bay and The Waterfront recorded the highest quarterly depreciation in average quoted rents for apartments, at 24% and 20%, respectively.

Commercial Market

Office Market

Leasing activity has remained subdued since the post-COVID recovery and the 2022 FIFA World Cup.
The oil and gas sector and government sectors are the main drivers of demand.
Total office supply reached 5.5 million sqm at the end of Q3 2023, with Grade A office stock dominating.
Projections suggest an increase in supply to 5.7 million sqm by 2025, mostly in Lusail.
Grade A office rents declined by 3.3% to QAR 81 psm due to oversupply.

Retail Market

Retail demand has softened, primarily due to increased supply.
Monthly retail rental rates fell by 3% to QAR 186 psm.
Competitive retail environment is growing, with e-commerce and changing consumer behavior affecting traditional shops.
Developments that offer distinctive consumer experiences (e.g., The Pearl, Souq Waqif, Msheireb Downtown) have maintained high occupancy rates.
Total retail supply reached 1.7 million sqm, with projections for an increase to 2 million sqm by 2025.

Hospitality Market

The tourism sector has seen a 143% increase in visitor numbers, reaching 2.8 million in the first nine months of 2023.
40% of visitors come from other GCC countries.
Hotel performance indicators remain weak, with:
- Average Daily Rate (ADR) down 3.4% to QAR 407 per night.
- Occupancy down 5.4% to 53.6%.
- RevPAR down 8.6% to QAR 218.
Hotel supply has increased significantly, with over 1,400 keys added in the first nine months of 2023, following a 7,200 key increase in 2022.
Total hotel inventory in Qatar now stands at 40,165 rooms.
Revenue projections for the travel and tourism market are positive, expected to reach US$510 million in 2023 and grow at a CAGR of 11.5% through 2027.

Key Contacts

Adam Stewart - Partner & Head of Qatar
Email: adam.stewart@me.knightfrank.com
Phone: +974 667 40777
Shehzad Jamal - Partner & Strategy & Consultancy, MEA
Email: shehzad.jamal@me.knightfrank.com
Phone: +971 564 101298
Turab Saleem - Partner & Head of Hospitality, Tourism & Leisure Advisory, MENA
Email: turab-saleem@me.knightfrank.com
Phone: +966 548 373819
Stephen Flanagan - Partner & Head of Valuation & Advisory, MENA
Email: stephen.Flanagan@me.knightfrank.com
Phone: +971 508 133402
Andrew Love - Partner & Head of Capital Markets & Occupier & Landlord Strategy and Solutions, MENA
Email: andrew love@me.knightfrank.com
Phone: +971 507 779595
Faisal Durrani - Partner & Head of Research, MENA
Email: faisal.durrani@me.knightfrank.com
Phone: +44 7885 997888
Amar Hussain - Associate Partner & Research, ME
Email: amar.hussain@me.knightfrank.com
Phone: +966 55 232 3036

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Important Notice

This report is for general information only and should not be relied upon for decision-making.
No liability is accepted for any loss or damage resulting from its use.
Reproduction is not allowed without prior written approval from Knight Frank.

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