Cayan: Dubai hospitality market not saturated
The hospitality market in Dubai is not in danger of saturation, despite the seemingly high number of new developments either under construction or in the pipeline, said Ashraf Qudsiyeh of Cayan Development
The hospitality market in Dubai is not in danger of saturation, despite the seemingly high number of new developments either under construction or in the pipeline.
Making this observation, Ashraf Qudsiyeh, director of engineering and development at Cayan Development, which is a business unit of Cayan Group, noted that Dubai is “a city that never stops developing” and a market that will not see a halt in demand.
“There may be times of slowdown, but that’s a challenge that Cayan is up for,” he told Construction Week. “We know the behaviour of the real estate market, and we plan ahead. Also, the market will pick up soon, because there are mega-events coming to the region, so we have to be well-prepared for that in terms of our hospitality projects.”
Qudsiyeh added that the company holds the same optimistic view on the residential market, saying: “There are always residential clients, but they are now smarter and more selective, so we see to it that we are offering a wide range of products that can satisfy different segments.
“Some people are looking to invest, and some are end-users looking to find a home. So we are trying to offer buyers different products that match their requirements.”
Describing the Dubai market as “competitive and challenging”, Qudsiyeh said that Cayan Group has no plans of slowing down in terms of pursuing projects in the emirate.
The group is said to be looking at possible locations for its next hospitality and residential developments in Dubai.
Cayan Cantara, the group’s first hospitality project in the Middle East, is currently undergoing construction. Located in Umm Suqeim St, in Dubai, it is expected to be completed by Q1 2019.