- 5 min read
- by Joshua Hughes
Dubai welcomes a record 9.31M international visitors in H1 2024
Dubai continues to set new standards in the global tourism industry, welcoming a record 9.31 million international overnight visitors in the first half of 2024.
According to data from the Dubai Department of Economy and Tourism (DET), this represents a 9% increase over the same period in 2023, demonstrating the emirate's strategic vision and pursuit of excellence in the tourism sector.
Dubai continues to establish and solidify its status as a leader in the global tourism landscape, growing in popularity as an international destination.
A new milestone for Dubai tourism
Key source markets
Dubai's impressive visitor numbers in H1 2024 were driven by visitors from across the globe.
| Key Source Markets | % Of Visitors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GCC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.27 million visitors | 13.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MENA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.09 million visitors | 11.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western Europe | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.89 million visitors | 20.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Asia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.62 million visitors | 17.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CIS & Eastern Europe | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.37 million visitors | 14.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North-East and South-East Asia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
896,000 visitors | 9.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
617,000 visitors | 6.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
404,000 visitors | 4.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australasia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
154,000 visitors | 1.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic vision and leadership
The rise in international visitors aligns with the ambitious goals set out in the Dubai Economic Agenda D33, which aims to cement Dubai's position as one of the world's top three tourism destinations and top four global financial centers by 2033.
This agenda includes 100 projects with economic targets of AED 32 trillion over the next decade, as well as goals to double foreign trade to AED 25.6 trillion, and add 400 cities as key trading partners.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has emphasized the city's commitment to maintaining its successful trajectory and boosting the tourism sector's contribution to Dubai's GDP.
Impact on the real estate market
The surge in international visitors to Dubai is not just beneficial to the tourism industry, but also has numerous potential benefits to the real estate market.
Here are three key ways that this record growth could benefit real estate.
Higher demand for short-term rentals
Growing numbers of international visitors will provide a direct boost to the demand for short-term rental properties. Tourists seeking comfortable and luxurious accommodation often prefer renting apartments or villas, boosting the short-term rental market.
This could not only have an upwards impact on property valuations, but also allow owners with well-maintained properties in popular locations to increase their rental income by offering short-term rentals.
Economic boost and positive sentiment
The influx of tourists contributes significantly to Dubai's economy, leading to increased spending in various sectors, including hospitality, retail, and entertainment.
This economic boost enhances market sentiment, making Dubai an attractive destination for real estate investors. Positive economic conditions often lead to higher property values and increased investment opportunities.
Conversion of tourists to investors and residents
Many new residents of Dubai begin by first visiting, either for a holiday or on business. Once they experience Dubai's lifestyle and opportunities, they may consider investing in property and ultimately relocating. Therefore, growing numbers of international visitors could be a leading indicator to future population growth, providing a direct boost to the real estate market.
The city's strategic initiatives and high living standards attract international buyers looking for long-term investment and residency options. This trend further stimulates the real estate market, with increased demand from those looking to buy a property.
A bright future for Dubai tourism and real estate
The impressive performance of Dubai's tourism sector in the first half of 2024 validates the city's ambition and ability to drive growth.
With welcoming visa policies, a diversified market approach, and strong public-private partnerships, Dubai continues to attract global talent and investment.
Expanding hotel inventory
To meet the rising demand, Dubai's hospitality sector has seen several high-profile hotel openings in 2024, including The Lana by Dorchester Collection, SIRO One Za’abeel, and Hilton Dubai Creek Hotel & Residences.
These new hotels enhance Dubai's diverse hospitality portfolio, ensuring a wide range of options for visitors across different categories and price points.
Sustainability initiatives
Dubai's commitment to sustainability is also a key factor in its tourism and real estate strategy. Initiatives like the Dubai Sustainable Tourism drive and the Dubai Can project aim to transform the emirate into a leading sustainable destination.
The launch of the Dubai Reef project, the world's largest marine reef development, further underscores the city's dedication to environmental stewardship.
Year-round events and attractions
Dubai's vibrant calendar of events, including the Dubai Shopping Festival, Dubai Summer Surprises, and Dubai Fitness Challenge, continue to attract international tourists year-round.
New attractions like Real Madrid World at Dubai Parks and Resorts add to the city's appeal, ensuring there is always something new and exciting for visitors.
Contact Engel & Völkers for your real estate needs
If you are looking to buy, sell, or rent property in Dubai, now is the perfect time to explore the opportunities available.
With a booming tourism sector and a thriving real estate market, Engel & Völkers is here to assist you in finding the ideal property.
Contact us today to learn more about how we can help you achieve your real estate goals in Dubai.
Source: Twitter
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