Ras Al Khaimah Hospitality and Residential MarketView Q4 2016
International ratings company, S&P has reaffirmed Ras Al Khaimah’s (RAK’s) long-term foreign and local currency Issuer Default Ratings (IDR’s) at ‘A/A-1’ and has also categorised the Emirate’s outlook as stable.
RAK’s hospitality market has outperformed the wider UAE tourism industry by recording a 10.9% increase in full year visitor arrivals and a 9.8% growth in the average occupancy rate, taking the annual occupancy to 71%.
Hotel revenue rates experienced positive growth, with a 5.5% increase in average RevPAR’s across the Emirates hospitality properties.
Average residential rental rates are starting to edge towards stabilisation, with just a minor 1% decline recorded during the quarter, taking the full year drop to 4%.