Visitors to Dubai are by far the highest spending tourists in the world, splashing out nearly twice the average of 11 other major cities around the world including New York and London, according to new research.
It said average accommodation costs per stay were the highest in Dubai at $553 per person while Shanghai was the cheapest option of the 12 cities covered at $173 per person.
The research also showed that overseas visitors, who had an overnight stay in Dubai, spent an estimated $4.7 billion in restaurants and cafes.
In terms of spending on retail, this figure reaches $9.7 billion which dwarfs the total amounts spent in the 11 other global cities measured, with Dubai ahead of London, New York, Tokyo and Paris.
The report also said that prime real estate prices in Dubai have slumped by nearly 11 percent in the year to June while prime rents fell by more than 6 percent.
David Godchaux, CEO of CORE, said: “The research shows the highest spending visitors, by far, are Dubai’s, who spend nearly twice the average of our 12 cities.
“In Paris and Dubai, visitors swell the population by over 10 percent, creating demand for guest accommodation. It is also notable that the biggest visitor cities are also the most expensive for living and workspace. All this demand puts pressure on scarce land supply.”
"The net result of this is that we’re seeing a shift in where investor appetite for hotel assets and platforms stems from, with Asian capital in particular coming to the fore in Europe over the past 12 months.
"We continue to receive significant interest from Asian investors, particularly those from China and Hong Kong, for hotels in London and across Europe’s gateway cities.”