Cairo’s occupancy rate recorded 41% in YT August 2021 as tourism returns, compared to 2020’s 29%
Cairo’s hospitality sector is slowly showing signs of recovery, states JLL’s (a professional services firm that specializes in real estate and investment management) Q3 2021 Real Estate Market Overview report.
Looking at the hospitality sector, JLL notes that “over the medium to long term, the recovery rate will be dependent on the government’s efforts in speeding up the roll-out of its vaccination program, coupled with its strategy to enhance and deliver new & existing tourist destinations”.
Cairo was recently picked as one of Time Magazine’s “100 extraordinary destinations to explore” in its World’s Greatest Places of 2021 special issue.
Cairo’s occupancy rate recorded 41% in YT August 2021 as tourism returns, compared to 2020’s 29% in YT August.
The increase was attributed to eased flight restrictions, the increase of hostels’ permitted operational capacity increase from 50% to 70%, as well as “the notable increase in vaccination rates over the past quarter”.
According to JLL, these have supported hotel operators as domestic tourism improved slightly with the growing popularity of staycations (vacations at home/in the same city) compared to international travel over the summer season.
A modest increase in tourism from some of the Gulf countries also helped over the three-month period.
The company also noted that there was a % year-on-year rise in average daily rates (ADR), meaning that revenue per available room (RevPar) rose by 45% to USD 35 in Q3 2021.
Around 250 keys were delivered in Q3, bringing Cairo’s total stock to around 27,000 keys. Almost 200 keys are also expected to be delivered in the fourth quarter.