Q2 2024 Market Insights
While the results of Q2 2024, with 49 new additions to completed and pipeline projects globally, may seem subdued when compared to previous quarters, we still uncover insights in this market movement. Firstly, according to many of the brands we have discussed this with, the second quarter of the year is often a quieter time following signings in the first quarter and we can expect the rate of signings to increase as we head towards the end of year. Secondly, in the process of expanding and refining our database, contributing brands have been very helpful in highlighting multi-phase projects to be merged and counted as a single project, as well as reporting terminations in their network of deals. This helps us to develop a consistent and reliable data set, and we thank all of our contributors for their efforts in supporting GBR in creating and maintaining the most accurate and detailed database of branded residential projects in the sector.
As with Q1 2024, Q2 maintains a total pipeline of projects (810) which is greater than the total number of existing projects (745), supporting the status of significant growth in the sector.
Regional performance shows that 24% of the 49 new projects in Q2 2024 (completed and pipeline) is thanks to CALA and 39% is attributed to MENA. Out of the 24% from CALA, 25% comes from projects in Brazil and 42% from Mexico. In the case of MENA (39%), 58% comes from UAE and of that 58%, 91% comes from Dubai, alone.
At a country level the UAE, for the first time, takes the 1st place from the US in terms of pipeline of projects, another signifier of the Emirates’ insatiable appetite for branded living.
In the top 3 parent companies Marriott, Accor and Four Seasons maintain their positions at the top of the hotelier sub-segment, while Pininfarina has overtaken The Trump Organisation for 2nd place in the non-hotel sub-segment.
