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In Dubai, the lodging industry is revealing itself as the golden fruit of the country real estate developments and extensive marketing.
Although the number of players entering the market is growing there are still numerous opportunities available for successful entries and thanks to the lodging industry's recent performance and outlook, financing for service apartments construction or investment is becoming more readily available.
The Serviced Apartments category has been doing consistently well meeting the needs of corporate executives and travelers alike with a good combination of short and medium term rentals.
Speculative hoteliers are taking advantage of the market, pushing rates to new heights and there seem to be no underperforming properties on the Dubai market to a point where it is reasonable to consider converting a residential property into a commercial one.
While pursuing service apartments construction or lease seems like a good investment, there is a fair chance that you would not be the only one to have this idea. While your overview for the project might look good today, given current market conditions, five more similar projects planned for the same market may turn your forecast into an alternative reality.
Remember, existing accommodation providers are likely to put up a battle, including lowering their rates substantially, to keep their clients away from your new property.
In any case the lodging industry will undoubtedly continue to be an exciting market over the next few years, with plenty of opportunities for hotel and hotel apartment investments.
A small size building between 2 to 5 floors or a compound of villas close to the beach could be the right step to begin with and if supported by a solid management and marketing plan, a tiny development could result in a large triumph.
Remember that not all successful projects have to be gigantic in fact a small property will most likely be perceived by the guests as cozy and private, something rather unique in Dubai in fact a valuable market gap can be identified with regards to small size projects in the 3 or 4 stars category and the potential for successful new entries is tangible.
For those new investors looking into exploring the Serviced Apartments business it is advisable to place a solid emphasis on careful market research and analysis for the property so that strategic plans can be developed tracking both expenditure and results.
These strategies incorporate: Industry networking, Database utilization, Telemarketing, Internet visibility & interaction, Media design & promotions etc
It is also essential to identify and appoint a management and marketing company for the property which will professionally look after all aspects related to the set up and running of the business from the recruiting and training of the staff to the daily management and marketing requirements in addition to a brand building and awareness program.
A tiny project will not be of any interest for those huge and well established international franchise however it can be very attractive for those management & marketing companies who are looking to enter the Dubai market in gradual steps bringing along their solid overseas experience and business relationships. |
| Author: Dalvin Rumsey |
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Author Bio:
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