A new report revealed that Egypt is poised to witness a tourist influx of 15 million by the end of 2023.
According to a study released by real estate consultancy firm JLL, Cairo’s occupancy rates experienced a growth to 68 percent in August 2023, marking an increase from 61 percent recorded during the same month last year.
Read more: Egypt’s booming real estate sector attracts wealthy GCC investors
Despite a 3 percent year-on-year (YoY) decline in the average daily rate (ADR) to $144 from the beginning of the year until August, Cairo experienced a notable 8 percent surge in revenue per available room (RevPAR) during Q3 2023, reaching approximately $95.
Additionally, major residential complexes in Cairo saw the delivery of 7,000 units between June and September, resulting in a total residential stock of approximately 262,000 units.
The paper further anticipates that nearly 9,000 units will be delivered during the final quarter of the year.
“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.
Strong growth
Data released in August highlighted Egypt’s tourism revenue grew by 25.7 percent in the first nine months of 2023, to $10.3 billion, up from $8.2 billion in the same period last year.
The report credited the sector’s recovery from the pandemic to strong global demand for travel and tourism, as well as a 32 percent increase in tourist arrivals to Egypt, equivalent to 10 million tourists. This led to a 26.8 percent increase in tourist nights over the same period, to 110.5 million.
For more news on real estate, click here.
