Ras Al Khaimah Hospitality and Residential MarketView Q3 2017
RAK tourism market continued to expand, with 631,317 visitors recorded during the first nine months of 2017, against an annual target of 900,000. This reflected a 3.1% increase over the same period last year.
Overall airport traffic through Ras al-Khaimah international Airports grew by 17.6% during the first nine months of the year, versus the same period in 2016.
Guest nights in the Emirate were also up, rising 12.4% from around 2.0 million nights in 2016 to reach 2.2 million in 2017. This was buoyed an increase in the average length of stay, which rose from 3.26 nights to 3.55 nights.
According to data from STR Global, RAK’s year-to-date occupancy rate to September 2017 rose by around 2.4% versus 2016 performance.
During the same period, ADRs declined by 3.5%, whilst RevPARs grew marginally by around 0.1%.
Average residential rental rates have continued to fall, declining 3% during the quarter, taking the full year drop to around 8%.