Sturdy growth sees occupancy rates in Cairo’s hospitality sector jump to 64% in Q4 2022

Sturdy growth sees occupancy rates in Cairo’s hospitality sector jump to 64% in Q4 2022

- Residential rents are expected to pick up pace in the short-term as demand continues to build momentum

- Cairo sees higher demand for Grade A office space, primarily from tenants relocating from older buildings to newer ones

- Average retail rents across both primary and secondary malls remained stable on a quarterly basis and increased marginally (by 1%) annually

Cairo, Egypt – The Egyptian government's focused efforts on enhancing the overall investment climate in the tourism industry is reflected in the hospitality sector’s continued sturdy growth during the last quarter of 2022, according to JLL’s Cairo 2022 Year in Review report.

Egypt, which hosted the 27th session of the Conference of the Parties of the UNFCCC (COP 27) at Sharm el-Sheikh in November last year and offered attractive incentives to the 2022 FIFA World Cup visitors in Qatar, saw increased spending in foreign currencies by inbound tourists that has further helped sustain activity levels in the sector.

“With goals to make Egypt the travel destination of 30 million tourists annually by 2028 and plans to increase the number of airline seats to the country by three-fold, opportunities abound for international hospitality brands to enter the market. Tourism is a key pillar of Egypt’s economy