Where general managers managed to partly offset lower ADRs with higher occupancies in 2011, the challenge for 2012 will be to sustain current RevPAR levels as substantially more supply will come on stream.
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Market sentiment among hotel real estate developers is on the rise as Dubai tourism performs stable and gains momentum.
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Hotel occupancy levels in Sharjah have remained stable in 2011 compared to 2010 as Sharjah's hospitality sector did not benefit from the surge in tourist arrivals due to "Arab Spring" as much as neighbouring Dubai. Other Northern Emirates continue to develop new hotels.
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RevPAR levels in Manama declined by 9 percent during the first quarter of 2012 relative to the same period in 2011 which is party driven by lower passenger traffic at Bahrain's Airport.
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Saudi Arabia's hotels continued to do well especially in Jeddah and Al Khobar where RevPAR levels achieved double digit growth rates. Several international hotel operators have stated their expansion plans into the KSA.
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International arrivals to Muscat in 2011 increased by 14 percent compared to the previous year whilst hotel performance in terms of average rates has been strong.
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Qatar's 4-star and 5-star hotels witnessed an increase in revenues of 19 percent during the course of 2011 compared to 2010 and the market is expected to continue its upward trend going forward.
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Supply of residential units in the capital is expected to exceed demand forcing the price differential between apartments in Abu Dhabi and South Dubai to decline further.
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Nakheel announced its first major residential real estate development (located on the Palm Jumeirah) since completing its debt restructuring exercise and Emaar performance was encouraging which indicates improved market sentiment in Dubais residential real estate sector.
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Rental values in the residential real estate market in Sharjah remained relatively stable whilst an improvement in rental activity has been reported in other Northern Emirates driven by increased connectivity with utility providers.
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Although the residential real estate market continues to suffer from relatively low demand for mid to high income housing, a third party report mentioned that the number of expats moving to Bahrain is on the rise which may indicate a positive trend break.
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Saudi Arabia's fundamentals for residential real estate development remain sound considering the country's attractive demographic profile (e.g. 60 percent under 30 years of age) which offers strong long term demand growth.
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Although rental values for apartments in the capital have remained relatively stable, further declines are anticipated as new supply is being completed.
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Stabilisation of residential rents, improved transaction levels and mothballed projects being restarted, contributed to the positive momentum and sentiment in Qatar's real estate market.
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A number of major malls will come online in 2012 which may drive lower average lease rates as these new retail destinations try to capture market share and older malls become less competitive.
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Mall owners in Dubai have expressed confidence in Dubai's retail outlook on the back of double digit growth in revenues during the first quarter of 2012. Rental rates are being increased by a main owner across all malls.
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Whilst lease rates in Sharjah's malls continued to decline, Fujairah saw the opening of its own City Centre adding 34,000 m² to its retail offering.
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Due to reduced consumer spending, mall owners are now more inclined to renegotiate lease terms with discounts of up to 50 percent according to a local industry report.
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Saudi Arabia remains an attractive country for international retailers to expand to as evidenced by a recent survey which concluded that more than 15 percent were looking to enter the country in 2012 to realise their expansion ambitions.
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As new retail supply continues to come on stream in Muscat, rental values at older and less competitive malls may have to reduce their rates further to sustain occupancy levels.
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The Lagoona Mall had its soft opening during the first quarter of 2012, adding 51,000 m² of prime space to Qatar's retail offering.
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Abu Dhabi is likely to witness an increase in office space of up to 400,000 m² in the short term which in turn will put further pressure on vacancy levels and rents.
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Whilst rental values remained fairly stable during the first quarter of 2012, occupancy and rental rates will remain under pressure as additional office stock is completed and delivered during the remainder of 2012.
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Office lease rates in the Northern Emirates remained relatively stable during the first quarter of 2012.
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The market for office space in Bahrain continued to be competitive during the first quarter of 2012 as rental values remained under pressure.
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Average lease rates for quality office space in Riyadh range between SAR 1,350 and SAR 2,150 per m² per annum according to a third party research report
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Demand for office space in Muscat is dominated by the SME segment which generally requires office space measuring 250 m² or less.
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Similar to residential rental rates, office lease rates in Qatar proved stable during the first quarter of 2012.
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