According to JLL’s Cairo Real Estate Market Overview Report for Q3 2023, Cairo’s occupancy levels continued to show robust growth, reaching 68% in August 2023 compared to 61% during the same period last year, Invest-Gate reports.

This positive trend aligns with the expected tourist inflows of 15 mn by the end of 2023 in Egypt.

During the quarter, there was a significant increase in Revenue Per Available Room (RevPAR), rising by nearly 8% to approximately $95. However, the average daily rate (ADR) in Cairo experienced a slight 3% decrease (year-on-year) to reach $144 for the period up to August 2023.

In addition to the projected tourism levels surpassing 11.7 mn visitors in 2022 and 13.1 mn visitors in the pre-pandemic year of 2023, major developers and operators have demonstrated their interest in Cairo and Egypt by launching new projects, further bolstering the sector’s resilience.
Although the hotel stock in the capital remained steady at around 28,000 keys without any new hotel openings for the third consecutive quarter, it is anticipated that approximately 600 additional keys will become operational in Q4 2023.

Ayman Sami, Country Head, Egypt at JLL, commented on the positive state of Cairo’s real estate market, stating, “Egypt’s impressive reception of approximately 7 mn visitors in the first five months of 2023 has injected renewed vigor into Cairo’s real estate market. This surge in tourism, coupled with progressive laws, promising project pipelines, and a growing emphasis on sustainability and innovation across sectors, paints an enticing picture of the transformative journey ahead, paving the way for increased inward investment in the country.”