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Egypt hotel occupancy to reach between 35-62% in 2021: Colliers Colliers forecasts Hurghada, Sharm El-Sheikh will witness y-o-y 57% and 50% hike in occupancy rates, respectively
Egypt's hotel market is expected to see occupancy hike between 35% and 62% in 2021, according to Colliers International's latest Middle East and North Africa (MENA) Hotels Forecast. Colliers forecast that the tourism hotspots of Hurghada and Sharm El-Sheikh will witness a year-on-year (y-o-y) hike in occupancy rates of 57% and 50%, respectively. This will mean that the two cities will see their occupancy rates reach 38% and 35%, respectively, in 2021. It also projected that Cairo and Alexandria will achieve occupancy rates of 41% and 62% in 2021, respectively. This represents a y-o-y hike of 50% in Cairo, and 36% in Alexandria. The report forecast that the UAE's Dubai Creek/Festival City, Sheikh Zayed Road/DIFC, will achieve an occupancy rate of 68% and 67%, respectively, a y-o-y hike of 60% and 57% respectively. Meanwhile, Dubai Marina/JBR and Palm Jumeirah will both achieve occupancy rates of 73% and 69%, respectively. This means a y-o-y hike of 42% and 63%, respectively. The Saudi cities of Riyadh, Jeddah, Makkah, Madinah, and Al Khobar are all projected to witness 2021 occupancy rates of 56%, 56%, 35%, 46%, and 59%, respectively, a hike of 12%, 44%, 66%, 73%, and 9%, respectively. Colliers forecasts that the Omani capital, Muscat, will see an occupancy rate of 41% in 2021, reflecting a y-o-y hike of 66% Concerning Bahraini capital, Manama, Colliers forecast its occupancy rate to reach 42% in 2021, a y-o-y hike of 52%.
