Colliers International issued its Middle East and North Africa quarterly review for the third quarter of 2018. the report was on KSA, UAE, Kuwait, Bahrain, Jordan, Oman and Egypt.
Colliers said that the Egyptian market recovery continued in q3 2018, with double-digit growth in ADR, with the exception of Cairo.
The coastal cities lead the market in occupancy in Q3 2018, however, Sharm El Sheikh and Hurghada have not achieved the high Y-o-Y gains seen in Q3 2017.
The hotel supply in Cairo grew by 6% with the entry of 1.182 keys between Q3 2017 and Q3 2018. Alexandria supply grew by 7% with the entry of 190 new keys to the market.
Colliers expects he ongoing recovery of the Egyptian tourism industry is expected to continue in the next quarter. A similar pattern is expected in 2019, albeit at a slower rate in comparison to the recovery observed post-2016.
Improving prospects have encouraged further development in the country, with Tatweer Misr signing a memorandum of understanding with Kerten Hospitality, a boutique hotel operator. The memorandum encompasses 2.300 keys, across Fouka bay and Ain Sokhna, to be completed by 2020.
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