Cairo’s tourist arrivals surge 36% YoY in 10 months: JLL
Updated 1/22/2024 2:04:00 PM
Arab Finance: Cairo’s tourist arrivals rose by 36% year on year (YoY) during the first 10 months of 2023, eight times higher than the global tourism rate, according to JLL’s The Cairo Real Estate Market Overview for 2023 report sent to Arab Finance.
The occupancy rate in Cairo recorded 70% until November 2023, reflecting an annual increase of around 100 basis points (bps), yet the average daily rates (ADR) and revenue per available room (RevPAR) dropped by around 7% and 6%, respectively.
Residential rental rates surged by 25% in 6th of October City and by 30% in New Cairo, whereas the average sale prices rose by 56% and 63%, respectively.
Additionally, average retail rents across primary and secondary malls grew by 11% and 9%, respectively.
“The rapidly growing tourist demand and increased spending on leisure and tourism infrastructure once again reaffirms the strong position of the hospitality market in Egypt, which is expected to continue to grow in the years ahead,” Country Head of JLL Egypt Ayman Sami commented.
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