February 2021 614 UAE hotels braved a tough year in 2020 and are looking to 2021 with hope following the vaccine rollout. However, increased upcoming supply amid a slow revival in demand will see revenue and occupancy levels likely move lower in 2021, according to Cavendish Maxwell, a leading property consultancy and chartered surveying firm providing services in the Middle East and Africa. As expected, 2020 was a tough year for the hospitality industry in the UAE, with several hotels in shuttering on a temporary or permanent basis. However, some others have used the pandemic as an opportunity to revisit and cut operating costs thereby improving margins not only for 2020 but beyond. As a result, they have successfully brought down the occupancy rate required to break-even, which is lower than the typical 40 per cent, said the expert in its Q4 2020 UAE Property Market Report, containing key data and trends for Dubai, Abu Dhabi and the northern emirates.
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Selective improvements in some communities, a global economic recovery and rising oil prices all provide signs for optimism for the UAE s property market for the year ahead, a new Cavendish Maxwell report states.
“Investors in real estate markets throughout the UAE have three good reasons to feel more optimistic about the year ahead,” Julian Roche, chief economist at Cavendish Maxwell said in the
“Property Monitor data from Q4 2020 has been encouraging throughout the Emirates and across virtually all sectors [of the property market],” he said, adding that “cautious consensus optimism” over a rise in oil prices is reinforced by expectations that the global economy will recover this year as efforts to stimulate the economy begin to take effect.