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New holiday homes come up in Dubai as hotel occupancy falls

The Chinese economic crisis and a slump in oil industry are contributing to a decline in tourism in Dubai, and as a result new cheaper holiday homes are replacing the hotel business in the emirate.

DUBAI: The current global market crisis has pulled down the hospitality industry in Dubai. The occupancy rates in hotels have come down ditching their profits. As a consequence, holiday homes have come in demand and new ones are being added.

The costly dollar has hit the occupancy rate. Holidaying in Dubai has become more expensive. Worsening the situation is the slowdown of oil industry because low prices. The Chinese visitors have also become a trickle.

About 800 new units have been registered with the Emirate’s holiday home authorities. These are initiatives by 37 new hospitality operators, according to Dubai Tourism sources.

The upcoming holiday homes will be mid-range or cheaper, according to JLL, a global real estate consultancy services firm specialising in commercial property and investment management, providing comprehensive services for real estate.

Competition from holiday homes will further affect the revenues of the hotel industry.

It is learnt that tens of thousands of hotel rooms will be added to Dubai’s ahead of Expo 2020. Dubai economy majorly depends on tourism.

The number of Chinese visitors to the emirate is dwindling because of the economic crisis there.

There are currently 65,000 rooms in Dubai. The booking company Airbnb lists more than 1,000 rooms to rent in Dubai. The average tariff is Dh380 (Appx Rs 7,000) per room. Based in San Francisco, California, Airbnb is a community marketplace for travellers to book accommodations around the world online. Airbnb has options in 190 countries, in 34,000 cities.

August 26, 2015

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