Cairo’s hospitality sector is shaking off the impact of the global pandemic and gradually showing signs of recovery, according to JLL’s (a professional services firm that specialises in real estate and investment management) Q3 2021 Real Estate Market Overview report.
While performance is not yet back to pre-Covid levels, the third quarter has seen the sector turn a corner with occupancy rates registering 41 per cent in the YT August 2021, compared to 29% in the same period of last year.
This relaxation of rules has worked to the advantage of hotel operators with domestic tourism slightly increasing as people opted for staycations rather than travelling abroad over the summer season. A modest increase in tourism from some of the Gulf countries also helped over the three-month period.
JLL Egypt Country Head Ayman Sami said: “Over the medium to long-term, the rate of recovery will be dependent on the government’s efforts in speeding up the roll-out of its vaccination programme, coupled with its strategy to enhance and deliver new and existing tourist destinations.”
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.-TradeArabia News Service