Alina Adamco
Senior Property Expert
In Dubai, the main variables place properties as the world’s realty melting pot. Let’s discuss why Dubai seems so appealing to the investors, more importantly, regarding its hospitality industry.
The economic growth of Dubai is deeply rooted in its tourism industry. In 2015, a record 14.2 million visitors were registered by the Department of Tourism & Commerce Marketing (DTCM) of Dubai, set to reach 20 million by 2020. The Dubai hospitality sector needs to tap into prospects for development to fulfill this considerable rise. It does not shock anyone that more than 10,000 additional hotel rooms will arise to satisfy the anticipated demand in 2016.
Ahead of Expo 2020, the hotel industry plans a real-estate explosion. With immense investment and infrastructural opportunities in the pipeline, the Expo sounds like a promising period for Dubai’s real estate. It is predicted that the show will leave the world in shock and optimistic about investing in the future.
In light of Expo 2020, HOSPITALITY SECTOR OF DUBAI market, a luxurious real estate paradise, is poised for more significant momentum and sustainable upward mobility. Driven demand touching the roof for luxury hotels as demonstrated by different industry patterns. As the world’s luxury center and several 4 & 5-star establishments are scheduled to crack any imaginable mold, catering to such grand expectations becomes naturally essential to Dubai’s legacy.
Standalone businesses, based in the prime Burj city, set the standards for apartments and, by state-of-the-art living, cater to a work-life balance. Breathtaking views, in-room services, access to some of the world’s best landmarks, gourmet restaurants, and incredible fitness facilities.
According to the research firm STR, apartments have ushered in the fresh winds of change in recent years, with average occupancy rates expected to reach up to 82 percent. As of February, 150 standards and 66 deluxe/superior establishments had already reached the city’s skyline, based on the Dubai Tourism Performance Report 2016.
A steady flood in the travel industry and worldwide speculation implies that Dubai‘s friendliness area keeps getting a charge out of supported and strengthened development. Stable demand and economic development by home-grown ventures would create more hospitality ventures opportunities to come up organically.
When more and more tourists worldwide are drawn to Dubai’s futuristic, luxurious, and imaginative appeal, it is an exciting time for the region’s already thriving real estate industry. And we expect Dubai to finally show the world what it’s made off of with the anticipation of Expo 2020 around the corner, and we’re sure the outcome will leave investors beaming with joy.
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