Egypt is forecasted to receive tourist inflows of 15 million by the end of 2023, according to JLL’s Cairo Real Estate Market Overview Report for the third quarter (Q3) of 2023.
Hotel occupancy levels in Cairo witnessed a 68% surge in August 2023, compared to 61% over a respective period, the report read.
“This surge in tourism, combined with the roll-out of progressive laws, promising project pipelines, and a growing emphasis on sustainability and innovation across sectors, paints a compelling portrait of the transformative journey ahead, paving the way for increased inward investment in the country,” Ayman Sami, Country Head, Egypt at JLL, commented.
In Q3 2023, the revenue per available room (RevPAR) hiked by 8%, reaching around $95 despite the drop in the average daily rate (ADR) in Cairo by 3% year on year (YoY) to $144 till August.
About 9,000 units are anticipated to be delivered during the last quarter of the year, the report revealed. Moreover, 7,000 units were delivered in the June-September in major residential complexes, increasing the total residential stock to roughly 262,000 units.
