Road Show from Metropolitan Premium Properties and DAMAC Properties on October 8 and 9 in Monaco
Amidst a rapid recovery from the COVID-19 pandemic and the successful hosting of Expo 2020, the hospitality sector in Dubai has been booming throughout 2022. That being said, according to the figures revealed by the Department of Economy and Tourism, the city registered a whopping 3.97 million overnight visitors between January and March, which illustrates an impressive 214% growth compared to the identical period in 2021. As well as that, the emirate took first place in terms of hotel occupancy in Q1 2022, with an indicator of 82%, leaving behind London, New York and Paris, as stated by STR.
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As mentioned earlier, Expo 2020 was one of the main driving forces behind the popularity of Dubai. In fact, during the 6 months of this event it became a huge hit, as it attracted almost 24 million attendees from across the globe. In addition, Dubai is famed as an international business, tourism and leisure hotspot thanks to its world-class infrastructure, the safe environment and an abundance of events and activities. Not forgetting that the emirate houses over 12,000 cafes and restaurants with offerings from cultures of more than 200 nationalities living in the city, as reported by WAM.
In order to attract even more visitors and boost the hospitality sector, the UAE announced an array of new long-term entry permits, alongside 10-year Golden Visa amendments, which will come into effect on 3rd October, 2022. According to Haytham Omar, the General Manager of Jaddaf Al Rotana, these changes to the visa system are set to boost bookings for overnight stays and dining, and encourage expats to stay longer and invest in the UAE.
Another factor that is expected to play an important role for the local hospitality sector is the 2022 Qatar World Cup, which is the first ever to be held in the Middle East. With more than 90 new flights that will land daily in the host city; Doha, about 40 of which will leave from the UAE. As stated by Paul Griffins, the CEO of Dubai Airports, Dubai is set to become the major gateway to the World Cup, with more visitors coming through the emirate than Qatar. This is due to the fact that the amount of hotel capacity in Doha is restricted and Dubai has a lot to offer in terms of accommodation options.
As well as all the above, in late 2021, Dubai announced the merger of the Dubai Economy and Department of Tourism and Commerce Marketing to assist reaching the goal of 25 million tourists to the city by 2025. Taking this factor in consideration, along with the long-lasting effect of past and future events, it is safe to say that owners of hotel developments and serviced apartments in Dubai can count on a lucrative profit regarding short-term rentals. At the same time, those considering such an investment to generate extra income are welcome to take a look at a variety of completed hotel and serviced projects, such as Anantara Residences, The Address Residences Jumeirah Beach Resort & Spa and SLS Dubai Hotel & Residences, among many others.
It is worth noting that the residential real estate market in Dubai is also thriving, as on 14th September, sales hit AED 1.2B (USD 327M), with a total of 386 transactions, as reported by the DLD. These figures include 341 villas and apartments sold for AED 1.01B (USD 275M) and 45 land plots worth AED 195.9M (USD 53.3M). The mortgages encompassed 63 villas and apartments valued at AED 129.08M (USD 35M) and 21 land plots worth AED 22.24M (USD 6M). All in all, the emirate registered AED 1.7B (USD 463M) and AED 1.77B (USD 482M) worth of residential real estate transactions on September 12 and September 13 respectively.
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Is living in Dubai for 13 years and helping Tenants, Landlords and Investors for the past 7 years. She will share with you her wealth of experience, assist you to make the right property choice and answer all your questions related to documentation, procedures, property inspection, move in and many more.
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