The UAE’s hotel sector has seen a significant rise in occupancy in the last five months spurred by the recovery of the tourism sector, according to JLL’s Q2 2022 UAE Real Estate Market report.
There has been an increase in occupancy rates in the hotel sector of Dubai and Abu Dhabi, with the emirates registering an occupancy rate of 75 percent and 71 percent, respectively, according to the real estate services company.
This marks an uptick in percentage from the corresponding period of last year. The performance was driven by luxury resorts and waterfront destinations over other segments.
Dubai saw the completion of around 500 keys in Q2 2022, which led to the city’s total hotel stock reaching 144,000. An additional 10,000 keys are scheduled to be handed over in the second half of this year. While no new stock was added in Q2 in Abu Dhabi, around 700 keys are expected to be delivered by the end of 2022.
Although there were no new completions, which caused the stock figures for Dubai and Abu Dhabi to remain unchanged, it is anticipated that approximately 333,000 square meters of retail space will be completed in Dubai and 203,000 square meters will be completed in Abu Dhabi in H2 2022.