Showcasing the country’s resilience, Qatar’s hospitality and real estate sectors have added 988 new hotel keys in the first six months of the current year, with new project plans despite pandemic restrictions and an illegal blockade.
The hospitality and real estate sectors in Qatar have shown resilience in the first half of 2020, according to a report by ValuStrat, the Middle East’s leading consulting firm and advisory group.
Between January and June, nearly 1,000 hotel keys were added to the country’s growing list and some 21,500 rooms are currently under construction, it said.
“As per ValuStrat research, 988 keys were added during the first half of 2020 with the opening of Pullman Hotel in West Bay, Imperium Residences in Najma, Dusit D2 Salwa Doha in Muraikh and Al Liwan Suites in Rawdat Al Khail and Diyafa Hotel Suites in Al Sadd,” Pawel Banach, General Manager, ValuStrat Qatar told The Peninsula.
The real estate sector also saw the completion of around 3,000 residential apartments and villas, an impressive number given the current economic situation due to the pandemic.
Pawel Banach, ValuStat’s General Manager, said that Qatar is expected to receive completed projects that include some 2,250 apartments and 700 villas this year – 2,000 of which are located in Lusail, The Pearl and West Bay.
“Tower 13 and 15 of Viva Bahriya, The Pearl started leasing. Phase 1B in Musheireb Downtown also completed construction comprising 157 apartments,” the report stated.
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During the remaining period of 2020, ValuStrat estimates an approximate of 7,250 units to be added— more than last year— thanks to the country’s proactive government policies that encourage real estate development.
“The median transacted ticket size for residential houses during Q2 (second quarter) 2020 was QR2.5m, no change compared to Q1(first half) 2020,” said the report.
Earlier this year, the government announced a stimulus package of QR75bn to support and provide relief to those impacted the most by the effects of COVID-19. The move helped several big and small businesses tackle financial loss due to the economic situation in the country.
With the government’s help – in addition to well-structured plans – many construction companies completed several projects with no delay despite the pandemic.
According to the Qatar National Tourism Council (QNTC), the total stock by the end of 2019 was 27,261 keys (130 hotels and hotel apartments). Out of the 27,261 keys, 24,562 are hotel rooms and 2,699 are hotel apartments.
The latest statistics come as Qatar gears up to host the FIFA World Cup 2022, which is expected to see millions of visitors enter the tiny Gulf state.