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Valustrat Qatar Real Estate Review Q1 2021

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Valustrat Qatar Real Estate Review Q1 2021 Qatar Real Estate Market 2021 Review www.valustrat.com 1st Quarter 1 |Qatar Real Estate Market 1stQuarter 2021 Review [Base: Q12016=100] 13 Villaand3ApartmentLocations VPI -QATARRESIDENTIALCAPITALVALUES adjusted by6.5%forapartmentsand4.8%villas. quartely fallsofbetween0.5%to2.5%.Grossyieldsforresidentialunitsaveragedatanoverall5.4%, saw amarginalQoQchangeoflessthanpercentincapitalvalues.Theremainingareasexperienced Wakrah cluster.Fivelocations(UmmSalalAli,OldAirport,ThePearl,WestBayLagoonandAinKhaled) values. Amongstvillas,thehighestquarterlydepreciationof5.6%incapitalvalueswasexperiencedAl and 2.4%,respectively.Amongstfreeholdapartments,ThePearlwitnessedthesharpestdeclinein quarterly declinesincapitalvalues.Villaandfreeholdapartmentpricessawpricedropsof1.3% The firstquarter2021ValuStratPriceIndex(VPI)-Residential,displayedoverall6.2%annualand1.5% RESIDENTIAL For more details, pleasevisit Source: ValuStrat ValuStrat PriceIndex VPI 100 120 20 40 60 80 0 Q1 100.0 2016 Q2 96.3 Simplified. Market Intelligence. Q3 94.2 Q4 90.9 www.valustrat.com/vpi-qatar Q1 89.8 2017 Q2 87.2 Q3 84.9 Q4 82.7 Q1 81.3 2018 Q2 77.7 Q3 75.8 Q4 75.0 Q1 73.4 2019 Q2 72.8 Q3 71.8 Q4 71.2 Q1 70.8 2020 Q2 69.9 Q3 68.3 Q4 67.5 2021 Q1 66.4 MACRO-ECONOMIC SNAPSHOT • As per the latest statistics released by the Planning & Statistics Authority (PSA), real QATAR POPULATION 2013-2021 GDP totalled QAR 163 billion during Q4 2020, contracting by 3.9% YoY and 0.5% QoQ • The International Monetary Fund (IMF) projected the real GDP of Qatar to grow 2.4% during 2021 • As per the Ministry of Public Health, the capacity of vaccinations for COVID-19 has gradually increased, as of March 2021, 130,000 doses have been administered a week • Population is estimated at 2.64 million, declining 5.4% annually 2,235,000 2,421,000 2,597,000 2,641,000 2,674,000 2,773,000 2,794,000 2,642,000 • The government of Qatar approved two 2,045,000 important draft laws: No. 01; will facilitate 2013 2014 2015 2016 2017 2018 2019 2020 Q1-2021 individuals and companies to obtain bank loans guaranteed by movable assets and No. Source: Planning & Statistics Authority (PSA) 02; mandated health insurance for renewal and issuance of visas for expatriates and visitors • ‘Al-Ula Declaration’ resulted in re-opening of borders, resumption of air and sea travel and trade of Qatar with Saudi Arabia, the United Arab Emirates, CONSUMER PRICE INDEX VS. HOUSING INDEX Bahrain and Egypt January 2019 – YTD • During the first two 105 months of Q1 2021, export revenues reduced by 3.8% YoY, 100 and imports contracted by 14% YoY 95 • During Q1 2021, the Consumer Price Index 90 (CPI) stood at 97.1 points (the base year 2018) indicating a 85 marginal decrease of 1.0% annually and increase of 1.1% QoQ 80 Jul Jul Oct Oct Apr Apr Jan Jan Jan Jun Jun Feb Feb Feb Sep Sep Dec Dec Nov Nov Aug Aug Mar Mar Mar May May • Housing and Utility 2019 2020 2021 Expenses Index decreased 5.5% YoY Consumer Price Index (2018=100) and 1.6% QoQ Housing, Water, Electricity, Gas and Other Fuels Source: Planning & Statistics Authority (PSA), ValuStrat www.valustrat.com | 2 RESIDENTIAL SUPPLY • As of Q1 2021, the total housing stock was QATAR RESIDENTIAL SUPPLY approximately 304,715 units with the addition 2018-2022 of 1,700 apartments and villas (’000 UNITS) 11 • Apartment supply consisted of 1,650 units coming from project handovers in Lusail (Fox Hills and Marina District), The Pearl, Al Dafna, 311 Mirqab Al Jadeed and Fereej Abdul Aziz 8 303 298 303 • Contracts of residential buildings were 290 awarded during the quarter in Lusail Waterfront, Marina and Fox Hills, estimated to add 450 units by the end of 2022 • 6,300 units are currently in the pipeline for the remaining quarters of 2021 2018 2019 2020 2021E 2022E Existing Expected Supply* * May be subject to significant downward adjustment depending on construction delays Source: Planning & Statistics Authority (PSA), MEED Projects, VauStrat RESIDENTIAL SALES • The median transacted ticket size for RESIDENTIAL MEDIAN TRANSACTED residential houses was QAR 2.7 million, TICKET SIZE increased by 3.4% quarterly and 6.8% annually • Transactional volumes for houses declined 3.3% quarterly, but were 52.8% higher when compared to the same period last year 6.8% 6.8% Last 2 Years Last Year • Amongst all areas, Umm Garn had the highest volume of transactions for residential houses and Fereej Al Amir had the highest ticket size • 68 transactions were recorded for residential 6.8% 3.4% buildings, as Old Airport and Umm Ghuwailina Last 6 Months Last Quarter had the highest number of transactions Source: Ministry of Justice, ValuStrat • During the first two months of 2021, volume and value of transactions in The Pearl and West Bay Lagoon fell 6.8% and 11.7% annually respectively 3 | Qatar Real Estate Market 1st Quarter 2021 Review RESIDENTIAL PERFORMANCE • The median monthly asking rent for residential RESIDENTIAL MEDIAN ASKING RENTS units dropped 1.8% QoQ and 5.7% YoY • Villa rents continue to reduce at a slower pace compared to apartment rents which have experienced rapid drops over the last year -10.4% -5.7% • The median monthly asking rent for Last 2 Years Last Year apartments was QAR 6,290, declining 1.9% quarterly and 6% annually. Three-bedroom apartments experienced the highest quarterly falls in rent of up to 5.3% • West Bay, Fereej Bin Mahmoud and Al Mansoura experienced the highest quarterly -2.4% -1.8% Last 6 Months Last Quarter drops in rents varying 3.5% to 5% Source: ValuStrat • The median monthly asking rent for villas was QAR 10,460, which fell by 1.2% QoQ and 3.9% YoY. 3-bedroom villas experienced the highest quarterly drop in rents of up to 2.8% • Villas in compounds in Al Aziziya and Ain Khaled experienced the highest QoQ rental falls by an estimated 3.3% MEDIAN MONTHLY ASKING RENT (QAR) AND QUARTERLY CHANGE (%) Apartments Villas 4,250 7,000 Al Mansoura 5,250 0% Al Wakrah 7,750 0% 6,000 10,500 5,250 8,750 Lusail 7,000 0% Al Muraikh 10,500 0% 7,500 11,500 5,250 9,000 Al Sadd 6,250 -2% Abu Hamour 11,500 0% 8,250 13,000 6,500 11,500 Fereej Bin 6,750 -2% Al Waab 12,000 0% Mahmoud 7,750 13, 250 7,750 17,500 West Bay The Pearl 10,000 0% 18,500 -1% Lagoon 12,000 20,000 One Bedroom Three Bedroom Three Bedroom Five Bedroom Two Bedroom Average Quarterly Change (%) Four Bedroom Average Quarterly Change (%) Source: ValuStrat Source: ValuStrat www.valustrat.com | 4 OFFICE SUPPLY • As of Q1 2021, the supply of office space was OFFICE SUPPLY 5.5 million sq m Gross Leasable Area (GLA). 2018-2022 Moreover, 62% of the existing stock was of (Million sq m GLA) Grade-A • Seven office projects were added this quarter 0.8 in Lusail, Ain Khaled (Salwa Road), Fereej 5.4 0.6 6.0 Abdul Aziz, Old Airport, Al Muntazah and 5.4 Msheireb comprising of 145,000 sq m GLA 4.8 4.1 • Upcoming projects till 2022, currently under development totalled 1.28 million sq m GLA, 62% of which is located in Lusail (Fox Hills, Energy City, Commercial Boulevard and Marina District) and the remaining mixed amongst Umm Ghuwailina, Al Hitmi and Al Dafna 2018 2019 2020 2021E 2022E Existing Stock Expected Supply Source: MEED Projects, ValuStrat OFFICE PERFORMANCE • Median office asking rents fell 6% YoY and 2% OFFICE MEDIAN ASKING RENT QoQ (QAR/SQ M/MONTH) AND QUARTERLY • The median monthly office asking rent in CHANGE (%) West Bay was QAR 110 per sq m, with quoted rents ranging from QAR 70 to 190 per sq m 0% 0% 0% -2% -4% -1% 0% • Offices in Al Sadd experienced the highest quarterly fall in asking rents up to 4%, with rates varying from QAR 50 to QAR 110 per sq m • Secondary office locations saw larger declines this quarter in comparison to prime locations • Offices in Al Wakrah and Al Khor ranged from QAR 40 to QAR 60 per sq m 110 85 84 78 72 72 72 • The average asking price for offices in Lusail West C/D Ring Lusail Citywide Al Sadd Grand Hamad Salwa and West Bay was QAR 17,500 per sq m on Bay Road Avenue Road sellable area Median Asking Rate (QAR/sq m) Quarterly Change (%) Source: ValuStrat 5 | Qatar Real Estate Market 1st Quarter 2021 Review RETAIL SUPPLY • As of Q1 2021, the supply of organised retail RETAIL MALLS AND SHOPPING CENTRES space totalled 1.93 million sq m GLA with (‘000 sq m GLA) completion of the re-development work at City Centre Doha 337 • 202,000 sq m GLA of organised retail space is in the pipeline for 2021, including Boulevard Mall in Jeryan Jenaihat, 04 Mall in The Pearl 981 and Doha Mall in Al Maamoura 102 • New regional and international food & 703 beverage and fashion brands opened stores in the Mall of Qatar including Maia lounge, Mestooran restaurant, Kaldi Café and Bianca 202 Nera 40 • Al Meera (58th branch) and Daiso Japan (7th branch) opened their stores in Al Asmakh Mall and Mirqab Mall respectively, both spread over an area of 1,000 sq m Neighbourhood Community Regional Super Regional (3k-10k sq m) (10k-30k sq m) (30k-90k sq m) (> 90k sq m) Existing Stock Expected Supply (till 2022) Source: ValuStrat RETAIL PERFORMANCE • With the continuation of the pandemic and DISTRIBUTION OF GLA OF SHOPPING restrictions on social mobility, challenges CENTRES/MALLS ACROSS MUNICIPALITIES associated with oversupply continue to exacerbate occupancy and rents in organised 3% 15% and unorganised retail outlets 5% 30% • The median monthly asking rent in shopping centres remain unchanged QoQ and fell by 4.3% YoY 5% • The median monthly asking rent among street retail inside Doha was QAR 165 per sq m, declined by 3% QoQ and 8% YoY • The median asking rent among street retail units outside Doha was QAR 155 per sq m, falling
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