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Dubai 'forging forward' with hotel developments
The market for property in Dubai is being continually supported by the city's tourism industry, which is pursuing consistent innovation in regard to its hotels, according to reports.
So far in 2006, seven new four and five-star hotels have been constructed and there are further plans for diversification as consumer demand for travel in the region grows, Travelmole.com reports.
There were 191 hotels in Dubai in 1994, this increased to 302 hotels and 108 hotel apartments, offering 38,608 rooms, in the first quarter of 2006.
Between 2010 and 2016, the number of available rooms and apartments is expected to reach 86,600, more than double the 41,500 predicted for the end of this year.
Commenting on the success of the city's tourism market, Baerbel Kirchner of the Dubai Department of Tourism and Commerce Marketing, said: "As anticipated, Dubai is in the fortunate position of having seen a very strong increase in visitor arrivals over the last ten years. For four years the UK has emerged as Dubai's top market, with strong growth – 13 per cent – in 2005 when over 680,000 British guests arrived in the emirate."
This growth in the tourism industry will offer substantial support to the Dubai property market, as it has been widely proven that many property investors buy real estate in areas where they have taken holidays.
According to a recent study by research group Inside Track, 45 per cent of UK adults travelling abroad spend an average of one hour and 25 minutes considering local property listings.
The economic boom that is taking place in the United Arab Emirates since 2002 has been particularly evident in the Dubai property market, with over 100,000 British people investing there in the past four years, reports claim.
The market is currently believed to favour people looking to own a home abroad and receive steady returns on their investment.
Rental yields in the Dubai property market are between seven and ten per cent at present, compared to three to four per cent annually in the UK.
About the Author: Anthony writes for Dubai Venture, a Dubai property website publishing news on the Dubai property market.