The tallest building on earth. The largest man-made island in the world. Home to the world's only seven star hotel. Dubai is a city that believes the impossible is just the beginning. While many parts of the world continue to struggle, Dubai is not only enjoying a full economic recovery but the city is also making extraordinary plans for an even more exciting future. The property and tourism sectors are driving impressive GDP growth while a secure political system and Dubai's reputation as a safe tax free haven continue to attract the highest echelons of foreign talent and investment.
Occupancy rates. In 2013, Dubai's hotels attracted 11 million tourists, a number that is expected to increase for 2014. The Dubai Department of Tourism and Commerce Marketing (DTCM) recently announced its tourism vision for 2020, which stands at 20 million tourists a year*. This suggests tremendous growth for the hotel sector.
High growth. Airport traffic increased 15% in 2013 compared to 2012, supporting the demand for hotel accommodations **. Dubai's airport is now the busiest in the world, surpassing London Heathrow for international visitors. The positive upward trend in tourist arrivals has continued into 2014 and is reflected in the improved hotel performances around the city.
** Source: Jones Lang LaSalle, Dubai Real Estate Market Overview Q1 2014