Egypt’s hotel market is expected to see an occupancy rate of 45% in 2021, with a 4.9 percentage point change in Market Movements from previous forecast, according to Colliers International.
The latest data by the company was published in its latest Middle East and North Africa (MENA) Hotels Forecast.
Colliers International projected that Cairo and Alexandria will achieve occupancy rates of 45% and 61% in 2021, respectively. This represents a year-on-year (y-o-y) hike of 66% in Cairo, and 34% in Alexandria.
The report forecast that hotels in Hurghada and Sharm El-Sheikh will see a y-o-y hike in occupancy rates of 59% and 58%, respectively. The occupancy rate in Hurghada would reach 38% in 2021, whilst Sharm El-Sheikh would see 61%.
The report added a forecast for the UAE’s Dubai Creek/Festival City and Sheikh Zayed Road/DIFC. It projected that the two will achieve an occupancy rate of 64% and 63%, respectively, representing a y-o-y hike of 51% and 48%, respectively.
In Saudi Arabia, the cities of Riyadh, Jeddah, Mecca, Madinah, and Khobar are projected to witness 2021 occupancy rates of 55%, 55%, 29%, 39%, and 54%, respectively.
Concerning Bahrain’s capital, Manama, Colliers International forecast the city’s hotel occupancy rate to reach 44% in 2021, a y-o-y hike of 57%.