Latest news with #GergelyBalint
Trade Arabia
02-04-2025
- Business
- Trade Arabia
Dubai to hand over 11,300 new hotel rooms by 2027, says report
More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, according to leading real estate advisory group Cavendish Maxwell. Last year, Dubai had added 4,255 rooms across 19 hotels to its inventory, representing year-on-year growth of almost 3%. As of December, the city boasts 724 hospitality establishments, with 151,245 keys between them, stated the industry expert in its Dubai Hospitality 2024 Market Performance report. Cavendish Maxwell pointed out that hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows, it added. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: "Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market." "We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure.," he added. According to Cavendish Maxwell, the number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport, it stated. Balint said this continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed AED236 billion ($64.2 billion), up from AED220 billion ($59 billion) in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion, it added. Cavendish Maxwell pointed out that Dubai's hotel occupancy levels remained steady, rising to 78% in 2024, up 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. On the average daily rates (ADR), the real estate advisory said it reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories too saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels.
Gulf Business
18-03-2025
- Business
- Gulf Business
Dubai to add over 11,300 hotel rooms by 2027; nearly 4,620 expected in 2025
Image: Getty Images Dubai is set to increase its hotel inventory by more than 11,300 rooms by 2027, with nearly 4,620 rooms slated to open this year, according to a report by leading real estate advisory group, Cavendish Maxwell. In 2024, the emirate added 4,255 rooms across 19 new hotels, marking a 2.9 per cent increase in its hospitality sector. By December 2024, Dubai had a total of 724 hotels, offering 151,245 keys. The city's hotel inventory is expected to grow by 3.1 per cent in 2025, with a further 3.4 per cent growth predicted for 2026. By the end of 2027, Dubai will boast more than 162,600 hotel rooms spread across 769 properties. High-end accommodation dominates Dubai's hotel landscape Dubai's luxury segment continues to dominate the market, with nearly 70 per cent of the available rooms in 2024 falling under the high-end categories of luxury, upper upscale, and upscale. For 2025, this trend is set to continue, with nearly 70 per cent of new hotel rooms falling into the Luxury and Upper Upscale segments, according to the research. Gergely Balint, associate partner and hospitality expert at Tourism growth and economic impact Tourism played a significant role in the UAE's economy in 2024, contributing Dhs236bn, or 12 per cent of the nation's GDP, up from Dhs220bn in 2023. The total number of overnight visitors to Dubai grew by 9.1 per cent in 2024, reaching a record-breaking 18.72 million, up from 17.15 million the previous year. Dubai also garnered international recognition, receiving several prestigious awards at the 31st Annual World Travel Awards, including titles for the world's leading shopping and exhibition destination, and Dubai International Airport as the world's leading airport. Hotel rooms, occupancy metrics Dubai's hotel occupancy rates remained steady, rising to 78 per cent in 2024, an increase of 1 per cent from the previous year. The luxury and upper mid-scale segments saw the biggest gains in occupancy, with increases of 3 per cent and 2.4 per cent, respectively. Average daily rates (ADR) in Dubai reached Dhs690, marking a slight increase of 0.2 per cent from 2023, signaling stability in pricing within the hospitality market. While the Luxury segment saw a decrease in ADR by 1.9 per cent, occupancy within this category increased by 3 per cent, suggesting a rise in demand despite a slight dip in pricing. Revenue per available room (RevPAR) saw a 1.3 per cent increase in 2024 compared to the previous year, driven by higher occupancy levels. The upper midscale category saw the largest growth in RevPAR at 1.9 per cent. International visitors and source markets Dubai's international appeal continues to thrive, with Western Europe representing the largest source market, accounting for 20 per cent (3.7 million) of total visitors in 2024. South Asian visitors contributed 17 per cent, while GCC tourists and Eastern Europeans accounted for 15 per cent and 14 per cent, respectively. Visitors from Northeast and Southeast Asia saw the most significant growth, particularly due to the rebound of outbound tourism from China. Dubai International Airport (DXB) also achieved a new milestone, welcoming 92.3 million passengers in 2024, a 6.2 per cent increase over the previous year. December 2024 marked the airport's busiest month on record, with 8.2 million passengers passing through. Performance across the UAE While Dubai remains the main driver of hotel performance, other emirates also saw growth in their tourism sectors. Abu Dhabi led the UAE in ADR growth, with city hotels and resorts experiencing increases of 14.5 per cent and 14.4 per cent, respectively. Ras Al Khaimah recorded 1.28 million visitors in 2024, a 5 per cent increase from the previous year, and the planned Wynn Al Marjan Island resort, set to open in 2027, is expected to further boost tourism in the region.
Zawya
18-03-2025
- Business
- Zawya
Dubai to hand over 11,300 new hotel rooms by 2027, says report
UAE - More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, according to leading real estate advisory group Cavendish Maxwell. Last year, Dubai had added 4,255 rooms across 19 hotels to its inventory, representing year-on-year growth of almost 3%. As of December, the city boasts 724 hospitality establishments, with 151,245 keys between them, stated the industry expert in its Dubai Hospitality 2024 Market Performance report. Cavendish Maxwell pointed out that hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows, it added. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: "Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market." "We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure.," he added. According to Cavendish Maxwell, the number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport, it stated. Balint said this continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed AED236 billion ($64.2 billion), up from AED220 billion ($59 billion) in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion, it added. Cavendish Maxwell pointed out that Dubai's hotel occupancy levels remained steady, rising to 78% in 2024, up 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. On the average daily rates (ADR), the real estate advisory said it reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories too saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels. Those in the Luxury segment witnessed a drop of 1.9% in ADR year-on-year, despite a 3% increase in occupancy, suggesting that increased demand came at the expense of pricing, it added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
17-03-2025
- Business
- Zawya
Dubai to deliver over 11,300 new hotel rooms by 2027, with nearly 4,620 in 2025
Tourism contributed AED236 billion to UAE economy, 12% of GDP, last year Dubai – More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, says leading real estate advisory group, Cavendish Maxwell. Dubai added 4,255 rooms across 19 hotels to its inventory in 2024, representing year-on-year growth of almost 3%. As of December, the city boasted 724 hospitality establishments, with 151,245 keys between them, according to Cavendish Maxwell's Dubai hospitality sector 2024 market performance report. Hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: 'Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market. We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure. These impressive figures and robust growth align with the strategic vision of Sheikh Mohammed Bin Rashid Al Maktoum, as outlined in the Dubai Economic Agenda D33, which aims to position Dubai among the world's top three global tourism destinations.' The number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport. Gergely Balint added: 'This continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed Dh236 billion, up from Dh220 billion in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion.' Occupancy rates Dubai's hotel occupancy levels remained steady, rising to 78% in 2024 – an increase of 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. Average Daily Rates (ADR) ADRs in Dubai reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels. Those in the Luxury segment witnessed a drop of 1.9% in ADR year-on-year, despite a 3% increase in occupancy, suggesting that increased demand came at the expense of pricing. Revenue Per Available Room (RevPAR) Average RevPAR rose by 1.3% in 2024 compared to 2023, primarily driven by higher occupancy levels. While all segments saw growth, the Upper Midscale category led at around 1.9%. Dubai tourism statistics and source markets Dubai welcomed a record-breaking 18.7 million visitors in 2024, with Western Europe the biggest source market, at 20% (3.7 million). South Asians accounted for 17%; GCC tourists 15% and Eastern Europeans 14%. Northeast and Southeast Asia saw the biggest year on-year growth, up almost a quarter on the previous year, driven largely by the resurgence of outbound tourism from China. Dubai International Airport (DXB) set a new benchmark in global aviation, welcoming 92.3 million passengers in 2024 – its highest annual traffic on record and a 6.2% jump on 2023. December was the busiest month, with 8.2 million people passing through DXB. Other parts of the UAE Outside of Dubai, there was a surge in rate-driven hotel performance across the UAE. All Emirates secured an increase in ADR, with Abu Dhabi city hotels and resorts leading the growth at 14.5% and 14.4%, respectively. Ras Al Khaimah recorded a 14% year-on-year ADR increase, potentially driven by the completion of renovation of the Waldorf Astoria, which impacted market performance the previous year. ADR was up 4% in Fujairah. The strongest occupancy growth was at Abu Dhabi city hotels (up 10.5%), due to increased demand from corporate travel, the Meetings, Incentives, Conferences and Events (MICE) sector, major events and government-backed tourism initiatives. There was a slight drop in occupancy in Ras Al Khaimah, where new openings such as the Anantara Mina Al Arab Resort and the Sofitel Al Hamra Beach Resort brought more rooms to the overall offering. RAK achieved a record 1.28 million visitors last year, up nearly 5% year-on-year. The upcoming Wynn Al Marjan Island resort, set to open in 2027 with the Gulf's first gaming resort, has spurred significant hotel development in the area and is expected to boost RAK tourism in the long term. In Fujairah, where occupancy remained stable, the Government has introduced several initiatives to boost tourism, including the promotion of key archaeological sites such as Al Bidya Mosque, to help attract its target 500,000 visitors per year. About Cavendish Maxwell Cavendish Maxwell is one of the Middle East's leading real estate advisory groups, with offices in Dubai, Abu Dhabi, Sharjah, Ajman, Kuwait City and Muscat. The company is regulated by the Royal Institution of Chartered Surveyors (RICS) and offers a full range of property-related services, including valuation, strategy and consulting, research, project management and building consultancy, investment and commercial agency expertise. With a team of experienced professionals and a commitment to delivering exceptional service, Cavendish Maxwell has established itself as a trusted advisor in the regional real estate market.
