Qatar is the richest nation in the GCC and one of the richest in the world with a GDP per capita in 2008 of almost US $72,000, according to the latest Global Insight from Jones Lang LaSalle (February 2009).
During the current global economic downturn, Qatar stands out from the crowd, with GDP growth of 6% predicted for 2009 (Kuwait Finance House, Global Insight, February 2009), the fastest economic growth rate among the world's richest nations.
This has led Jones Lang LaSalle to conclude in its World Winning Cities report entitled Doha: Global Ambition, Regional Influence that Qatar is, as a result of its huge natural gas reserves, "punching well above its weight as one of the world's richest and most dynamic economies".
And in a strategy that will no doubt attract more hotel investors and developers - and ultimately, more tourists - Qatar has, according to Jones Lang LaSalle, taken "the art of place making further" as it develops a combination of "best-in-class sporting, cultural, leisure and other attractions to create a strong brand and identity on the global stage". In a sporting context, although unsuccessful in its bid for the 2016 Olympic Games, Qatar has since bid for the 2020 Olympic Games, as well as the FIFA World Cups in 2018 and 2022. If there is a positive outcome, the market will become ripe for hotel development.
In addition, tourism arrivals and hotel occupancies are planned to be bolstered through the creation of a new international airport, as well as the growth strategy of Qatar Airways and cultural attractions such as the Museum of Islamic Art, which opened earlier this year.
Alongside these "place-making" efforts, Qatar is also focused on infrastructural development, with two key projects including The Pearl-Qatar - which features three five-star hotels and a two million m² leisure hub - and Lusail, featuring the Entertainment District.
However, real estate market transparency is well below advanced markets, and Jones Lang LaSalle suggests that "the establishment of an active real estate regulator and the creation of more publicly-listed companies could stimulate the pace of change and market maturity".
And, although Qatar was the first market in the Middle East to open to outright foreign real estate ownership in 2004, most investors remain local or regional players, meaning foreign investment has been relatively untapped to date.
Hotel scene
The existing hotel stock in Qatar is approximately 5100 rooms. A further 2300 rooms are expected to be introduced by 2011 within the four- and five-star hotel market. Occupancy during Q1 averaged at a healthy 73%, but the typical summer drop witnessed by Qatar caused occupancy to drop below 50% in June this year, according to STR Global.
The total number of visitors in 2007 was 780,000, with this targeted to reach 1.4 million by the end of 2010.
And in a strategy that will no doubt attract more hotel investors and developers - and ultimately, more tourists - Qatar has, according to Jones Lang LaSalle, taken "the art of place making further" as it develops a combination of "best-in-class sporting, cultural, leisure and other attractions to create a strong brand and identity on the global stage". In a sporting context, although unsuccessful in its bid for the 2016 Olympic Games, Qatar has since bid for the 2020 Olympic Games, as well as the FIFA World Cups in 2018 and 2022. If there is a positive outcome, the market will become ripe for hotel development.
In addition, tourism arrivals and hotel occupancies are planned to be bolstered through the creation of a new international airport, as well as the growth strategy of Qatar Airways and cultural attractions such as the Museum of Islamic Art, which opened earlier this year.
Alongside these "place-making" efforts, Qatar is also focused on infrastructural development, with two key projects including The Pearl-Qatar - which features three five-star hotels and a two million m² leisure hub - and Lusail, featuring the Entertainment District.
However, real estate market transparency is well below advanced markets, and Jones Lang LaSalle suggests that "the establishment of an active real estate regulator and the creation of more publicly-listed companies could stimulate the pace of change and market maturity".
And, although Qatar was the first market in the Middle East to open to outright foreign real estate ownership in 2004, most investors remain local or regional players, meaning foreign investment has been relatively untapped to date.
Hotel scene
The existing hotel stock in Qatar is approximately 5100 rooms. A further 2300 rooms are expected to be introduced by 2011 within the four- and five-star hotel market. Occupancy during Q1 averaged at a healthy 73%, but the typical summer drop witnessed by Qatar caused occupancy to drop below 50% in June this year, according to STR Global.
The total number of visitors in 2007 was 780,000, with this targeted to reach 1.4 million by the end of 2010.
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