Will hospitality boost encourage UAE property investors?

16/08/2011 - Dubai Property News Posted by Neil King
Will hospitality boost encourage UAE property investors?

Property investors around the world could be tempted to enter the UAE market following recent figures showing growth in the region's hospitality sector.Emaar properties, a major developer in Dubai, has announced a 20 per cent increase in its hospitality revenues for the second quarter of the year.In an interview with Gulf News, Matthew Green, head of research and consultancy at CB Richard Ellis, explained that increased interest from tourists from surrounding countries and the wider world could be a key driver for the growth.The expert said that as well as hospitality, the UAE's retail sector is benefiting from increased tourism levels."Mara's main cash cows are their hospitality and retail divisions. The retail sector is doing well here. Dubai Mall has been successful with high occupancy rates. Marina Mall has been less successful, but has still done well. The Address in Downtown has also been a good success story for them," he explained."Tourists being deflected from Egypt, Tunisia and to some extent Bahrain has meant that there has been a lot of positives for the UAE hospitality market and has had implications for the retail sector."