The KSA Real Estate Market – Q2 2023

Government investment in tourism development drives Kingdom’s strong performance in the hospitality sector

August 09, 2023
  • Saud Alsulaimani

The Tourism Development Fund announced signing an agreement with the General Authority for Small and Medium Enterprises as part of efforts to offer support and expand SME operations in the tourism sector. Furthermore, in addition to ongoing visa reforms, a well-planned events calendar is driving the Kingdom’s performance in the hospitality sector.

These factors largely underpinned the strong performance across both Riyadh and Jeddah’s hospitality markets last quarter. The latest data from STR shows Riyadh’s occupancy reached 62% and the average daily rate (ADR) climbed to USD 196 for year to (YT) June 2023, which led to revenue per available room (RevPAR) rising by 15% year-on-year (y-o-y) to USD 120.

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