‎RAFAL records 88% hotel occupancy rate in Q1: CEO

‎RAFAL records 88% hotel occupancy rate in Q1: CEO

RAFAL Real Estate Development Co. recorded an occupancy rate of nearly 88% in the first quarter of 2023, marking the highest level of demand for hotels, said CEO Elias Abou Samra.

The company's market value exceeds SAR 2 billion, Abou Samra told Argaam on the sidelines of the Saudi Housing Finance Conference hosted by Euromoney Saudi Arabia.

The top executive noted that RAFAL focuses its projects on Riyadh, due to burgeoning demand and population density in the region, adding that the company is implementing a number of projects this year.

The developer launched the Alegria project at a total cost of more than SAR 300 million in Al Narjis neighborhood this month, Abou Samra said, adding that the project includes 130 apartments and nearly 115 villas.

This is the first project in which apartments and villas are integrated in a homogeneous environment.

The CEO expected demand in Riyadh to drop to 80-75% in the third quarter as a result of travel and holidays, adding that the annual hotel occupancy rate is expected to reach 85%.

Asked about the impact of interest rates on the market, Abou Samra said the middle class and below were affected due to the dependence on housing subsidies, but the product worth