Go where there's money to be made. And in today's world of hotels, Dubai still appears to be a sound choice. The emirate continues to attract both business and leisure travel, all in a run up to Expo 2020, an event is expected to attract around 17.5 million overseas visitors during the six months of the show, reports Gulf News.
This is in addition to the double-digit growth in the tourism sector, which Dubai has experienced over recent years—an estimated 11.95 million overnight visitors were welcomed in 2014, Gulf News further reports.
According to Dubai’s Department of Tourism and Commerce Marketing, approximately 11.6 million guests stayed in the emirate’s 634 hotels and hotel apartments during 2014, a 5.6-percent year-on-year increase.
Tourism is expected to increase between 7 and 9 percent over the next five years and account for almost 30 per cent of Dubai’s GDP.
As Gulf News points out, "It’s no surprise then that astute investors are looking to Dubai’s hotel sector for new and lucrative opportunities. Investors seeking up to an 8 percent return on investment, therefore, are turning their sights on developments which offer such opportunities, particularly those on The Palm Jumeirah. Three developments in particular are worthy of further investigation and are the subject of intense interest at the moment — The Kempinski Emerald Palace Hotel, Anantara Residences and The 8, all on The Crescent."
With Dubai’s property market holding steady so far in 2015 and the anticipated demand for hotel rooms increasing yearly, now may be the time for investors to strike.