Branded residences on the rise in Middle East
- Date: 21-Dec-2020
- Source: Arab News
- Sector:Real Estate
- Country:Middle East
Branded residences on the rise in Middle East
Branded residences on the rise in Middle East
Branded residences on the rise in Middle East
Branded residences on the rise in Middle East
Dubai is forecast to become the largest city based on pipeline schemes, with an increase from master developer Emaar. (Reuters)
Short Url
Follow @arabnews
Branded residences on the rise in Middle East
Growth of such schemes has outpaced hoteliers, rising from 11% of the market in 2010 to 16% in 2020
Updated 21 December 2020
Follow @arabnews
RIYADH: One hundred branded residences opened across the Middle East in 2020 despite strained economic conditions caused by the coronavirus pandemic, demonstrating the growing popularity of the real estate sector in the region.
According to a report by global real estate consultancy firm Savills, the growth of such schemes over the past decade has outpaced hoteliers, rising from 11 percent of the market in 2010 to 16 percent in 2020.
The study said that 11 new non-hotelier brands are expected to enter the market by 2025. However, hotel brands still dominate the hospitality industry, accounting for 84 percent of current schemes and 88 percent of the pipeline.
Marriott, whose brands include W, The Ritz-Carlton and St. Regis, is by far the leader in the sector and is set to remain so.
In terms of