Cairo’s hotel sector on an upward trajectory in the second quarter

Cairo’s hotel sector on an upward trajectory in the second quarter

- Nearly 600 keys are expected to be delivered by the end of this year

- The total stock in the retail sector remained stable at almost 2.9 million sq. m. of GLA

- Within the residential sector, the apartment segment dictated the surge in overall prices and rents

- Over 80,000 sq. m. of office floorspace was delivered in Q2 2022, bringing Cairo’s total office stock to around 1.8 million sq. m

Cairo, Egypt – The second quarter saw the hotel sector in Cairo further turn corners with occupancy rates climbing to 60% in the first five months of 2022, almost double the level as compared to the corresponding period of last year which stood at 32%. While the total stock remained unchanged owing to no new project completions during the second quarter, almost 600 keys are expected to be delivered by the end of the year.

Despite harboring a fairly limited supply pipeline for the remainder of the year, the sector is attracting interest from international operators, which could lead to new project announcements across the city. In addition, the completion of the construction of the Grand Egyptian Museum in September this year coupled with the government’s concerted efforts to boost tourism in