RAK tourism outperforms regional market: CBRE report
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Ras Al Khaimah has continued to outperform the wider UAE and regional tourism markets, real estate consultancy firm CBRE has revealed.
In its latest Ras Al Khaimah MarketView report, CBRE notes the destination witnessed a 10.9 percent increase in full-year visitor arrivals and its hotels reported a 9.8 percent growth in average occupancy rates, taking the annual occupancy to 71 percent.
The emirate’s hospitality market maintained positive growth into the final quarter of 2016, recording an average occupancy rate of more than 73 percent during the final three months of the year, the report said.
According to the Ras Al Khaimah Tourism Development Authority (RAKTDA), guest arrivals increased from around 740,000 in 2015, to reach close to 821,000 during 2016.
The UAE remains the main source of demand for Ras Al Khaimah’s tourism industry but there has also been strong annual growth in visitors from key international source markets such as the UK, India, Germany and Russia, CBRE said.
Mat Green, head of research & consulting UAE, CBRE Middle East, said: “Ras Al Khaimah’s real estate market is set to see substantial transformation over the next five years including large scale projects such as Emaar’s first major foray into the emirate, with a planned mixed-use scheme on Al Marjan Island.
“Hotel group InterContinental and RAK Properties have also announced the revival of a 350-key resort property at the Mina Al Arab development and with the delivery of multiple new resort properties in the pipeline and 1,000 new keys expected to be delivered during 2017 and 2018, 2019 onwards will see a major market shift.”
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