Competition Increasing For Serviced Apartments in Dubai
Due to the growth of expatriate population and a recent influx of serviced apartments across the Emirate, the competition in Dubai’s hospitality market is significantly increasing according to statistics from Dubai’s Department of Tourism and Commerce Marketing. The statistics reveal that the number of serviced apartments in 2007 totaled 10,190, which TRI Hospitality Consulting estimates could double by 2010, based on planned and confirmed future serviced apartment projects.
Due to the increase in tourists and business travelers the demand for serviced apartments continues to be on the rise. The industry has significantly increased especially in the Dubai Marina area where an increasing number of business travelers have unidentified time frames for their stay. Business travelers do not wish to stay in hotel accommodations and prefer the convenience of serviced apartment residences without the commitment of long-term rent payments. At the same token, combining serviced apartments with hotel rooms still provides a more diverse product and attracts a wider guest market.
According to according to Emma Davey, associate director at TRI Hospitality in Dubai, not all projects may come to fruition as pressure on the construction industry may prevent some from opening on time. As hotel market supply grows in the coming years and there is increasing competition from the number of serviced apartments entering the market, it is likely that serviced apartments will shift focus to longer-stay guests.
Jumeirah Group’s first brand of serviced apartments, Jumeirah Living, opened this month at the World Trade Center Residence. Development of the company’s own brand of luxury serviced apartments is rapidly becoming attractive to future owners.
Due to the increase in tourists and business travelers the demand for serviced apartments continues to be on the rise. The industry has significantly increased especially in the Dubai Marina area where an increasing number of business travelers have unidentified time frames for their stay. Business travelers do not wish to stay in hotel accommodations and prefer the convenience of serviced apartment residences without the commitment of long-term rent payments. At the same token, combining serviced apartments with hotel rooms still provides a more diverse product and attracts a wider guest market.
According to according to Emma Davey, associate director at TRI Hospitality in Dubai, not all projects may come to fruition as pressure on the construction industry may prevent some from opening on time. As hotel market supply grows in the coming years and there is increasing competition from the number of serviced apartments entering the market, it is likely that serviced apartments will shift focus to longer-stay guests.
Jumeirah Group’s first brand of serviced apartments, Jumeirah Living, opened this month at the World Trade Center Residence. Development of the company’s own brand of luxury serviced apartments is rapidly becoming attractive to future owners.
Posted by Moveandstay
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