Strong performance continues to be seen in the UAE’s hospitality sector in Q3 2023, says CBRE

Strong performance continues to be seen in the UAE’s hospitality sector in Q3 2023, says CBRE

Dubai – Strong performance continues to be seen in the UAE’s hospitality segment of the market on the back of strong visitation levels in Q3 2023.

Globally, the average number of daily flights stood at 119,934 in the year to date to the third quarter of 2023. This figure currently sits at 3.8% above its 2019 level, outperforming its pre-pandemic baseline for the third consecutive quarter. In August 2023, data from IATA revealed that the Passenger Load Factor (PLF) reached 84.6% in August 2023, marking a drop of 1.1% from the 2019 comparable figure. The available seat-kilometers (ASKs), over the same period, remained below their 2019 benchmark by 3.1%.

Strong levels of visitation continue to be seen in the UAE’s hospitality segment of the market. In the year to date to August 2023, the number of hotel guests in Abu Dhabi registered an increase of 33.0% from the year prior, reaching 2.9 million. Over this period, Dubai hosted a total of 11.1 million international visitors, marking a 21.7% growth compared to the year prior and a 2.3% increase from the 2019 pre-pandemic figures.

The average occupancy rate within the UAE grew by 4.8 percentage points, year-on-year, in the year to date to September