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Mobilizing Our People Real insights Qatar Q2 and Q3 2017 An update on Qatar’s real estate sector KPMG named ‘Best Overall Real Estate Advisor in Qatar’ by Euromoney. December 2017 kpmg.com/qa/realestate 0 ©2017 KPMG LLC, a limited liability company registered with Qatar Financial Centre Authority (QFCA) and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Version: KRE0117 Foreword I am pleased to share the According to the Ministry of latest issue of Real insights Justice (MoJ), the combined Qatar, a summary of the real value of real estate deals in estate sector’s performance Qatar rose to QAR 9.6 billion in in Qatar over the last two Q2, generated from around 850 quarters, Q2 and Q3 2017. deals, a significant increase when compared to QAR 4.3 It is well known that Qatar has billion for the same quarter last put many measures in place year. to sustain its economic success. As the country However, Q3 witnessed the continues preparations to host overall value of transacted deals the FIFA World Cup 2022 and fall by almost 49 percent to QAR strives towards achieving the 4.8 Bilion with the month of Qatar National Vision 2030, August recording maximum strategies such as increasing transactions of QAR 2.4 Billion. focus on tourism, taking decisive actions to reduce Over the last two quarters, office supply-chain bottleneck, and and residential real estate Venkatesh Krishnaswamy promoting industrial sectors have shown marginal development, are no doubt improvement in overall leasing Partner – Deal Advisory helping to secure the activity. However, due to a surge KPMG in Qatar country’s economic vibrancy. in supply, rentals continue to remain under pressure of both Whilst the diplomatic dispute these asset classes. with neighboring nations has had a short-term impact on In addition to this, there has the overall economy, most been an increased supply in the businesses are viewing it as retail sector since the beginning an opportunity for growth and of 2017. Approximately 160,000 there has certainly been no sqm of organized retail space notable impact on the real entered the market in the last estate sector. two quarters, largely new malls which have managed to achieve Specifically in the real estate high occupancy levels, together and infrastructure space, all with firm rental rates. major planned projects are being delivered with little On the hospitality front, we have disruption. Qatar’s strategic witnessed increased activity, reserves and advanced especially in areas such as planning have protected Lusail and West Bay, where ongoing infrastructure many major developments can development and real estate be seen taking shape. projects from potential disruptions in the supply of construction materials. Hotel Mondrian recently market performance statistics The positive opened its doors to the based on our research and attitude, forward- public in Lusail and Centara also relied on insights “ Grand in West Bay is almost published by ValuStrat on looking approach ready. Overall, Qatar, is Qatar’s real estate of both local and expected to receive around performance over the last international real 1,000 keys in the 5-star two quarters. We believe that category by Q4 2017. the compiled information estate developers would be a valuable and and investors in In the last two quarters, informative read. occupancy levels of some Qatar is strongly hotels have fallen – mainly We welcome your feedback contributing to the those that relied on guests and the opportunity to country’s ability to from the blockade nations. discuss the contents of this Overall occupancy for the edition, along with any other overcome YTD Q3 2017 is estimated to enquiries you may have challenges and be at 57 percent, against 64 about the industry, the percent for the same period market and our real estate grasp during 2016. advisory and valuation opportunities. services. In the past few months, ” Qatar has taken significant Finally, I’m proud to measures that will positively announce that KPMG’s Real impact the tourism and Estate team was recently hospitality sector. It named the ‘Best Overall Real introduced the visa waiver Estate Advisor in Qatar’ by program for approximately Euromoney Real Estate 80 nationalities and launched Awards 2017. Being an online visa application acknowledged in this way service for visitors of all reflects our commitment to nationalities. Qatar Tourism the sector and our success at Authority (QTA) also delivering high-quality launched its new tourism services, which adhere to strategy ‘The Next Chapter’ global standards for our local revealing its growth targets clients. for 2023. In this second issue of KPMG’s Real insights Qatar, we have shared our observations on all aspects of the Qatar real estate market. We have drawn on Contents KPMG viewpoint • What is the most pertinent 6 question in developing the tourism market in Qatar? • REITs in Qatar – an opportunity 8 awaits Real estate highlights 11 Sectoral overview • Office 13 • Residential 16 • Retail 19 Hospitality • 22 • Land 25 Qatar in figures 27 KPMG Real Estate Advisory 29 profile KPMG in the news 32 KPMG viewpoint 5 ©2017 KPMG LLC, a limited liability company registered with Qatar Financial Centre Authority (QFCA) and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. KPMG viewpoint What is the most pertinent question in developing the tourism market in Qatar? By Anurag Gupta Head of Real Estate Advisory and Valuations What changes are required to further enhance the leisure and tourism sector in Qatar? Tourism sector introspection Yes, FIFA World Cup, but what due to the decline in global after that? oil prices. Globally, from a travel and tourism perspective, Qatar is Today the key question that Several growth opportunities recognized as a key business echoes across Qatar, be it in the tourism space lie destination of the Middle East, business or public circles, is – ahead of us, but to ensure with few people travelling to the ‘What will happen to business history repeats itself and country for leisure, other than growth across all sectors when Qatar continues to grow even those visiting family and friends.. the football extravaganza is over after the World Cup, a well- National tourism and travel data in 2022’ Most of the businesses, coordinated and planned also tells the same story. specifically the hospitality effort is required. According to the country’s sector, has budgeted a steep Ministry of Development and decline for at-least two In the tourism and hospitality Planning Statistics (MDPS), Qatar consecutive years post-2022. sectors particularly, we have received 2.89 million tourist The population projections are seen for some time that arrivals annually (on an average also getting flattened if we rely policymakers are taking a over the last 3 years), of which on data from the International consolidated view of the 1.73 million arrivals (60 percent) Monetary Fund (IMF). situation and creating an were through land and sea ecosystem to support routes. If we look back in history, the growth. Regulators, airlines, same question was asked in the travel agents, hotels, Analysis of air travel data run-up to the Asian Games, held suppliers, concept revealed that Qatar is emerging in Qatar in 2006. The answer is developers, hospitality as a transit hub, with total air no secret. Despite the global trainers/ educators etc. are passenger movement reaching financial crisis in 2008, being encouraged to come 37.2 million in 2016, of which 36 economic activity in Qatar after together to identify gaps percent were transfer passengers. the Asian Games remained (which should be filled) and This provides tremendous scope robust (after a brief initial slow- synergies (that can be for conversion of this group into down). Once the FIFA World integrated for a better and tourist arrivals. Given that Qatar’s Cup 2022 was secure by the end more powerful offering), capital investment on tourism is of 2010, development activity thereby creating a clear approximately QAR5.6 billion and growth on the whole roadmap. Additionally, annually, the growth in tourist surged and has remained overlaying this collaborative arrivals over the past 3 years has steady ever since, even through effort, the QTA is investing remained relatively flat. the recent turbulence in 2013-14 heavily in new initiatives to support the sector’s growth. 6 ©2017 KPMG LLC, a limited liability company registered with Qatar Financial Centre Authority (QFCA) and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. KPMG viewpoint Today, in the tourism development space, Once tourists are drawn in by the country’s attractions, they Qatar should keep on asking this question will use the various services “ directly, such as hotels, resorts, to itself – again and again – as to why an car rentals, public transport etc., international tourist would choose to visit or indirectly, such as cleaning and maintenance, energy Qatar over any other destination? providers, catering and food production etc., contributing to Think different, do different retail offerings, uniquely ” the economy in many ways. themed experience centers etc Tourism is not about creating Strong intent, but proof of the some eye-catching fancy assets. Compete with self: While it is pudding lies in smart These are only a stepping stone useful to benchmark with other implementation to deliver a great tourism geographies, it is important to offering. It is the service aspect customize offerings to a Qatar’s government has been of tourism where the value lies, countries unique positioning. spending generously in the and, as such, offerings that Tourism strategies must be travel and tourism sector.
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