Tourism boosting Ras Al Khaimah
Originally published in Khaleej Times (link below)
Market experiences another positive quarter with over 197,000 guests confirmed
Ras Al Khaimah’s property market has continued to experience a slightly fragmented performance, with positive growth in the tourism and hospitality sectors, but with further deflationary trends in other parts of the real estate market, according to the latest Ras Al Khaimah MarketView by global real estate consultancy firm CBRE.
The emirate’s tourism market experienced another positive quarter with over 197,000 guests confirmed. This brought the half-year figure to 390,499 against an annual target of 900,000 visitors, equating to a 6.5 per cent increase over the same period last year.
There was also a 10 per cent year-on-year increase in the number of international guest arrivals during the first half of the year, while total guest nights rose 17.7 per cent, average length of stay rose by 10.5 per cent to 3.9 days and room revenue leapt 13.3 per cent.
With visitor numbers steadily increasing and with limited new supply being added to the market, the emirate’s hotels have continued to generate positive occupancy growth, with a six per cent increase in year-to-date average occupancy rates, according to data from STR.