DUBAI SUB-MARKETS
The Dubai submarkets are now in a recovery mode and the RevPAR in markets such as Dubai Marina and Palm Jumeirah have shown positive trends. The RevPAR YTD-May 2017 for Palm Jumeirah is 5% above YTD May 2016, and Dubai Marina is in line with YTD May 2016. The recovery is driven by growth in occupancy with ADRs being stable. This trend is expected to continue for the rest of the year and is now also reflected in other sub-markets like Sheikh Zayed Road, Festival City and the Creek which are now trending 3% and 6% below YTD May 2016 in RevPAR — a recovery of 4% points versus last year. Palm Jumeirah’s and Dubai Marina’s RevPAR are forecasted to close 5% and 3% respectively above 2016, and the rest of the market’s RevPAR is forecasted to close 4% below 2016.
SHARJAH, RAS AL KHAIMAH & FUJAIRAH
The Northern Emirates of Ras Al Khaimah and Fujairah managed to maintain their growth momentum — backed by strong local and international demand. A similar trend is forecasted for the rest of the year, as demand will continue to shift from Egypt and Turkey. 2017’s RevPAR is forecasted to close above last year by 4% and 6% respectively. Sharjah has also witnessed a strong recovery in RevPAR versus last year driven by growth in occupancy. May YTD RevPAR is in line with the same time last year, and the market is forecasted to close 2% above 2016 in RevPAR.
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