Cheval Residences reports GCC investor growth
Growing GCC investor opportunities in the Middle East and London serviced apartment sector have been reported by Cheval Residences
Cheval Residences Group has reported growing investor interest in the GCC serviced apartment sector.
“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, ” commented Cheval Property Management and Cheval Residences managing director Mohammed Almarzooqi, in a statement.
He continued: “The GCC region continues to be a significant contributor to business in to our four-star and five-star 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."
Cheval Residences highlighted how operating a luxury serviced apartment complex can prove to create an alternative, flexible and more competitive financial return than building and operating a hotel.
This year, Cheval Residences has focused on launching extended stay developments in the UK within existing residences at both Cheval Knightsbridge and Cheval Hyde Park Gate to cater for growing demand from the GCC.
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.