Qatar’s retail and hospitality sector has achieved good growth since the beginning of this year, supported by infrastructure projects that have witnessed a significant recovery during the past months.
According to a report by Al-Asmakh Real Estate company, many Qatari commercial real estate were completed this year. The most important of which are Doha Mall in Mesaimeer and Vendome Mall in Lusail, which will further revitalize the retail and hospitality sector.
The development in real estate will positively affect the infrastructure of new transport facilities and the development of roads and bridges, Al-Asmakh’s report said.
Qatar’s retail and hospitality sector
The report indicated that the development of transportation facilities, in addition to the major events that the country will host during the next few years, are among the factors that will contribute to the recovery of the retail and hospitality sector.
At the same time, this development will support the growth of real estate construction operations in the hospitality and commercial sectors, to keep pace with all requirements, as well as keep pace with the aspirations and needs of consumers.
“The government is currently developing plans to build facilities in line with the Qatari interest in developing the tourism and hotel sector, with the state and the competent authorities seeking to enhance tourism revenues and improve the quality of service provided in hotels,” the report said.
The report indicated that these plans are represented in tourist festivals, seasonal events, and the development of tourist and popular facilities.
“All the steps taken by the relevant authorities in the tourism sector would bring about a major boom in the hospitality sector in Qatar and a positive qualitative leap that develops from this vital sector, after the end of the pandemic’s repercussions.”
Real estate sector
As for the administrative real estate sector, Al-Asmakh’s report said that the 2020 witnessed a rise in vacant real estate rates in the office market in Qatar. This caused a decline in rental values for office space.
The report indicated that despite the surplus of office space that occurred during the past year 2020 and continued to the current year, the demand for small spaces ranging between 100 and 150 meters has continued to increase, especially in business centers.
The report also indicated that Qatar is currently working on diversifying the sources of GDP through various sectors, including the construction and real estate sector, which will create large accompanying projects that will help promote the growth of service sector work and provide new opportunities for projects and work.