Posted on December 24, 2018

As of October 2018, Qatar had as many as 26,290 hotel rooms and hotel apartments within 125 establishments, research and consultancy firm ValuStrat said in a report. A total of 1.48mn international guests (compared to 1.94mn last year) stayed an average of 3.9 nights per stay and spent an Average Daily Rate (ADR) of QR384. 

The first 10 months saw occupancy rates averaging at 61% which is 3% higher than last year, though, RevPAR (Revenue per Available Room) declined by 10%, ValuStrat said. With the completion of Palms Mall and Katara Plaza, organised retail supply totalled 1.8mn sq m GLA (Gross Leasable Area) this year, it said. “To maintain healthy occupancy, landlords in newer shopping malls introduced incentives by absorbing operational expenses and lowering service charges. The median monthly rent for line shops within malls ranged from QR260 to QR420 per sq m,” ValuStrat noted. 

The International Monetary Fund adjusted the GDP growth projections to 3.1% for 2019 from 2.4% in 2018. This is attributed to the recovery of oil prices, robust non-oil sector growth and prudent fiscal policy. The current account surplus is predicted to reach QR4.3bn driven by 21% expected growth in revenues (oil price assumed at $55 per barrel compared to $45 per barrel in 2018).

source: Gulf Times