The mandatory hotel quarantine requirement for those coming to Qatar has improved the occupancy rate in hospitality sector. During the fourth quarter more people resumed travelling as due to fall in COVID-19 restrictions that resulted in easing of restrictions.
According to the Planning and Statistics Authority, the average hotel occupancy in 5 star hotel for fourth quarter of 2020 was around 49 percent while in Q4 Average Daily Rates (ADRs) and Revenue per Available Room were QR537 and QR263, respectively, noted a report released by Al-Asmakh Real Estate Development.
“Mandatory hotel quarantine upon return to Qatar for nationals and residents has slightly boosted the overall occupancy compared to previous quarter,” said Qatar Real Estate Q4, 2020 report released yesterday.
Hotels will continue to reap the benefit over the next few quarters as Qatar has now announced new entry requirements for passengers arriving from six countries – Bangladesh, India, Nepal, Pakistan, the Philippines, and Sri Lanka – with travellers from these countries needing to enter extended periods of mandatory quarantine of 10 days.
The hospitality sector of Qatar is expected to see around 1,000 rooms in the first half of this year.
“Close to 1,000 keys that were due to open up in 2020 may release to public in the first half of 2021,” added the report. According to the report, residential rental rates stabilized in the fourth quarter. Real estate is focusing on property sale with lucrative offers and optional developer finance scheme.
The residential market has expanded on the government scheme to offer residency via investment in freehold and usufruct areas. Moreover attractive schemes have been floated in the market with flexible payment terms to boost real estate sales.
Budget apartments can be availed in locations such as Doha Jadeed, Al Ghanim, Umm Ghwailina, Wakra, Mesaimeer. The Residential Market predominantly expands beyond peripheral areas of Doha with surplus inventory taking final shape for delivery as a result of robust connectivity and infrastructure.
Qatar’s commercial market has been combating with oversupply. Also the recent times at the onset of COVID-19, witnessed new norms and adopted work from home thereby impacting the office market sentiments, added the report.
The land rates in the fourth quarter of 2020, started to stabilize in comparison to previous quarters.
The highest ticket value of the land transaction recorded is QR70m in Al Mashaf area of Al Wakra. Most of the transacted land in Doha appears to be in Al Thumama which are in the range QR300 to QR350 per sq.ft. In New Rayyan, Muaither and Gharaffa of Al Rayyan municipality, land rates were in the range QR300 to QR325 per sq.ft.
In Al Wukair of Wakra municipality the land transaction witnessed were in the range QR200 to QR250 per sq.ft.
Various other neighbouring municipalities of Doha, the land parcels were transacted in the range QR140 to QR300 per sq.ft.
