The Downtown Burj Dubai area is fast becoming one of the most desirable addresses in the world, according to Damac Properties.
The real estate company has praised the recent announcement by Emaar Properties to develop a new hotel in the area, delivering a further 200 hotel rooms and 542 serviced apartments by mid-2015.
“The Burj Area is now one of the most desirable locations on earth,” Damac senior vice-president Niall McLoughlin said. “The announcement by Emaar to start work on another five-star hotel and serviced apartments in the area will only add to the exquisite ambience and style which has grown in stature over the past few years.”
Emaar announced that construction will start shortly on the 63-storey, 340 metre high “The Address The BLVD” serviced residences and hotel rooms.
“The development of a new project further confirms our statements that the Dubai property market is well and truly back. Serviced apartments will be a huge market in the coming years. We are also experiencing an impressive uptake in the Damac Suites & Spa managed hotel apartments in the Burj Area which will be completed and ready for handover early next year,” added McLoughlin.
Many developers see the serviced apartment sector as a key driver of Dubai’s tourism growth in the coming years.
This will support the tourism growth that a Bank of America Merrill Lynch report predicts will hit 15 million visitors in 2020, up from eight million in 2011.