The 2015 Dubai conference attracted delegates and speakers from as far afield as United States, Europe, Middle East, Asia and Africa.
The Middle East is a "particular hotspot" for the serviced apartment market according to London-based event organiser and online publisher International Hospitality Media, organiser of the full day conference agenda, with industry expert speakers covering serviced apartments, branded residences, aparthotels, extended stay hotels and corporate housing in the region.
"The Gulf region is rapidly becoming a global hot spot for serviced apartment and extended stay development, with activity levels ramping up considerably. In December 2013, a Colliers International report said at least 10,000 additional serviced apartment units were needed to fulfil projected demand in Saudi Arabia, the UAE and Qatar," said event founder Boutique Hotel Media CEO Piers Brown in a press statement.
The conference agenda included a series of panel discussions covering a variety of topics central to the region, including MEA market analysis, owners and investors' perspective, operators and brands perspective, the government and legal perspective, and branded hotel and resort residences.
Speaking exclusively with Hotelier Middle East, Colliers International head of hotels for in the MENA region Filippo Sona said: "Our forecast, considering the growth of the airline business in Dubai, and the new creations like Dubai Parks and the Dubai Opera House and the addition to the major developments influencing inbound tourists, we believe that the market, economically, can absorb an extra 8193 keys over and above the predicted 35,000 new keys.
A recent Colliers International report said at least 10,000 additional serviced apartment units were needed to fulfil projected demand in Saudi Arabia, the UAE and Qatar.
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"There is a market, and there is a lot of operators in the GCC region, be it Dubai, Abu Dhabi Riyadh, Kuwait, Doha Jeddah or Muscat, they have three to four star owner operators too, and sometimes the return on investment on these properties is preferred by the owners," said Cheval Property Management group managing director Mohammed Al Marzooqi speaking exclusively with Hotelier Middle East.
"With an ultra-luxury it is a balance between capital values and trading income, and it is a long term hold, investors cannot expect to do something today and get out of the market in three years, but yes, there is definitely a market in this region," he concluded.
The Serviced Apartment Summit brand was launched with a London event in 2013, and has grown consistently each year. The 2015 Dubai conference attracted delegates and speakers from as far afield as United States, Europe, Middle East, Asia and Africa.
"I was very pleased with the level of engagement and quality of delegates, for an inaugural event. There is clearly growing interest in the serviced apartment, aparthotel, branded residences and short term rental sectors within MEA," said Piers Brown speaking to Hotelier Middle East.
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