Urged by the expected 25 million visitors to Dubai by 2020, Buroj Property Development, a real estate development company, designs to build up 10 serviced apartments across Dubai by next year.
They are investing Dh700 million in four serviced apartment projects this year and they intend to add another six same projects across Dubai by 2015. For they consider that there is a lot of prospects in this sector as the number of tourists predictable to stay are set to increase till and post-2020.
The first four of the serviced apartment towers, comprising over 450 units, will come up in International City (IC), Dubai World Central (DWC) and Jumeirah Village Circle (JVC).
The latest statistics issued by Dubai’s Department of Tourism and Commerce Marketing (DTCM) revealed hotels received above 5.8 million travelers in the first half of 2014, an upsurge of 1% compared to the similar period last year.
Nonetheless, the overall profits for hoteliers and hotel apartment operators arrived at Dh12.74 billion, recording an upsurge of 10.9% yearly.
Usual duration of stay was 3.4 days in hotels and 5.7 days in hotel apartments throughout the first six months of the year.
Moreover to advance development in mid-range hotel section, Dubai government has previously pronounced financial incentives, which includes corporations to be given a special consideration on the standard 10% municipality fee, land transfers becoming simple with approvals being centralized and given within three months.
Dubai will be hosting Expo 2020 from October 2020 to April 2021 and in the run-up to the affair almost 277,000 new employments will be created.
The designs for the four towers are finish and the company is awaiting approvals to begin construction early next year as they want to finish the towers by the end of 2017.
It has been revealed that above 100 applications have been accepted to DTCM by developers/companies who propose to build mid-range hotels.
Professionals have stated that the numbers will augment once the final master plan for Expo 2020 site is divulged.