Today Dubai holds firmly its position as a tourist center of the region and one of the most popular resorts in the world, and its hotel real estate is perceived as one of the most attractive investment assets in the world.
First of all, Dubai retains the 4th place in the ranking of the most visited cities in the world. In 2017 almost 16 million people visited the emirate.
The flow of tourists to the emirate continues to grow. For the first half of the year, the number of visitors was 8.1 million, which only slightly exceeds last year’s figure. However, this year there is some imbalance due to the fact that Ramadan was in the spring, and the authorities believe that in the second half of 2018 the tourism sector will be able to recoup.
According to Deloitte for the third quarter of 2017, the highest level of occupancy was observed in hotels located in the Palm Jumeirah, Bur Dubai and Dubai Marina areas. as weel as the hotels near the Dubai International Airport. The average level of occupancy in these areas was 84%.
According to the same data, the highest average cost of the rooms was noted near the Palm Jumeirah area, hotels along the coastline and hotels of Dubai Marina.
The consequence of such a rapid development of the tourism industry in Dubai is the rapid expansion of the number of rooms in the city. In this case, the leading role is played by medium-price hotels. Although demand in the segment of elite hotels in Dubai remains at a high level, the emirate follows a global trend, trying to offer a broader contingent of holiday hotels at more affordable prices.
In 2018, as EY predicts, tourism will actively develop thanks to the introduction of new mega-projects and the implementation of a number of government initiatives. Last year, the strengthening of the market was facilitated by the abolition of visas for tourists from Russia, as well as the growing interest from tourists from India and China.