MENA region continues to lead the way on hotel price rises

05/04/2013 - Dubai Property News Posted by Neil King
MENA region continues to lead the way on hotel price rises

The Middle East and North Africa (MENA) region continues to lead the rest of the world when it comes to hotel price rises.Places like the UAE are incredibly popular among tourists and this has enabled hoteliers to hike their room rates considerably.New figures provided by HotelsCombined have shown that MENA resorts have increased their asking price by eight per cent in the last year, which is double the global average.While some of this recovery has been down to the re-emergence of Egypt and Tunisia following the Arab Spring, places like Dubai and Abu Dhabi have been attracting millions of visitors over the past few years and this trend looks likely to continue.HotelsCombined PR and community manager Kristen McKenzie remarked: "It's no surprise the MENA region is once again demonstrating strong growth. These destinations are booming for both leisure and business travellers, thanks to continued investment and added attractions like the world's biggest ferris wheel planned for Dubai."Although more and more new five-star luxury hotels are being built in Dubai all the time, there is no sign of the market becoming over-supplied. In fact, such is the huge demand for holidays in the emirate, occupancy rates have continued to rise.The Movenpick Hotel Apartments The Square Dubai, located in Al Mamzar, is the latest resort to open its doors in the city.It was inaugurated by Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum last week and it is the company's fifth property in Dubai.Dubai's tourism figures have been incredibly strong in the past 12 months, with 57.6 million people passing through the city's main airport in 2012.This number is expected to spiral upwards in the coming years and the clamour for glamorous high-end accommodation will intensify.With this in mind, it makes sense for investors to snap up new hotels, villas and apartments in the more exclusive regions of Dubai before prices rise any further. There is certainly no shortage of excellent buildings to choose from.Looking for property in Dubai? The First group can show you the best places to invest