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The rise and rise of Dubai's property market


Dubai is set to experience a boom in investment in the lead up to the internationally renowned event Expo 2020 to be held at the end of this decade. 

This comes from global real estate firm Knight Frank, which also estimates that the expo will attract approximately 17.5 million visitors from outside Dubai.

In 2014 alone Dubai welcomed 11.95 million overnight visitors from India, UK, USA, China, Russia and other countries in the Middle East and North Africa. 

Tourists are drawn to the emirate due to its climate, Dubai averages over 9 hours of sunshine in a day and temperatures of around 30 degrees centigrade. Its white and sandy beaches on the Arabian Gulf are also a major attraction. Dubai Mall is the largest mall in the world and serves as a shopping destination for around 58 million customers annually. 

Dubai's airport handles the largest volume of international passenger traffic in the world. Having handled 69.5 million people during 2014 it ranks as busier than London.

Around 11.6 million guests stayed in Dubai's 634 hotels and hotel apartments during 2014 according to the  Department of Tourism and Commerce Marketing. Tourism is expected to increase between 7 - 9 per cent and will account for nearly 30 per cent of GDP by the end of this decade.

Hence, smart investors are looking towards the hotel sector for revenue opportunities. The idea of a serviced apartment is also gaining traction. 

According to Knight Frank investors are seeking around 8 per cent return on investment.

They have their sights set on opportunities on world's most famous man-made Island The Palm Jumeirah. Three developments on the island's crescent are of particular interest at the moment - The Kempinski Emerald Palace Hotel, Anantara Residences and The 8, all on The Palm's The Crescent.

Date Published: 05 May 2015
Category: General News

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