Cheval Residences Group, a leading London developer has revealed growing investor interest in the GCC serviced apartment sector as investors capitalise on the region’s growing hospitality market and rising trend of the extended stay model.
According to a recent Colliers International report at least 10,000 additional serviced apartment units are required to fulfil projected demand in Saudi Arabia, the UAE and Qatar.
Mohammed Almarzooqi, managing director, Cheval Property Management and Cheval Residences explained: “The serviced apartment, branded residences and extended stay sector is taking off in the GCC due to a number of contributing factors. Firstly, the continued fast pace growth of the UAE’s hospitality market is paving the way for diversification, increasing investor opportunities in sectors like serviced residences, ”
“The GCC region continues to be a significant contributor to business in to our 4* and 5 * London residences for both short and extended stay. This popularity naturally lends towards increased demand for serviced residences in not only London but also cities like Dubai and Abu Dhabi. The luxury and convenience of these properties coupled with added value due to the UK pound fluctuation is further pushing bookings and investments in this sector,” he continued.