Aug 2024

Q1 2024 Market Insights

Q1 2024 Market Insights

Based on the data provided by the contributors to this report and GBR’s own research, Q1 2024 seems to have signalled some significant changes in the branded residences sector.

For the first time in recent history of the sector, the pipeline of projects to be delivered over the forecast period (803) has exceeded the number of completed projects (737). This is further shown by a total market increase (completed and pipeline) of almost 20% in just one quarter.

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Regionally speaking, while North America maintains it dominance in term of completed projects, we can see that, when counting the completed and pipeline of developments, North America will be closely challenged by Asia Pacific in terms of share of projects globally, at 25% vs. 23%, respectively (graph to the right).

The status quo is maintained in the top three cities for branded residences, with Dubai, Miami and New York leading, respectively, in terms of completed projects. However, when we look at the completed and pipeline combined, we can see that London-based projects are growing in pipeline number, helping London to reach 25 total projects vs. New York at 35 projects

 

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In terms of the top parent companies, Marriott and Accor remain firmly in the top two spots, respectively, followed by Four Seasons. With Banyan Group, Wyndham and Radisson now contributing their data to the Q Report, we see them respectively taking the 5th, 6th and 7th positions.

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