Following recent years of relatively stagnant performance, tourism arrivals in Singapore are expected to finally see an uptick on the back of a surge in intra-regional tourism, according to a new report from Colliers International, the commercial real estate services firm.
The first quarterly Colliers International Hotels Insight Report, which features major trends in destinations across Asia and highlights key industry disruptors, predicts that 2016 visitor arrivals have grown by around 7%, with a further 2% forecast for 2017.
In a Monday release, Colliers says these figures represent a “robust performance” for Singapore’s tourism sector, which is mostly underpinned by an increase in visitation from North Asia, in particular China.
The firm also notes that the city state’s hotels – especially hospitality REITs – have consistently outperformed other mainstream real estate assets.
Tourism arrivals to the Asia Pacific region were forecast by Colliers to grow by 9% in 2016, continuing …