{"id":604144,"date":"2023-08-27T00:00:00","date_gmt":"2023-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/hotel-prices-in-egypt-are-soaring\/"},"modified":"2023-08-27T00:00:00","modified_gmt":"2023-08-27T00:00:00","slug":"hotel-prices-in-egypt-are-soaring","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/hotel-prices-in-egypt-are-soaring\/","title":{"rendered":"Hotel prices in Egypt are soaring"},"content":{"rendered":"

Hotel prices soar amid tourism spike: <\/strong>The prices of hotel and resort accommodation are expected to rise by at least 35% y-o-y in 2023, with a 30% increase forecast for 2024, a government official involved with the industry reportedly told Asharq Business<\/a>. Egypt\u2019s growing popularity as a tourist destination has already pushed up the rate of room prices by 45% in some destinations, according to the news outlet. <\/p>\n

Looking ahead: <\/strong> Hotel room prices in coastal areas will see another increase of no less than 10% from the start of 2024, said our friend Ibrahim El Messiri, CEO of Abu Soma Tourism Development Company, the developer and operator of Somabay. Rates in Nuweiba and Taba are expected to range between USD 120-150 by the end of the year, compared to USD 70-100 in the 1H 2023, thinks head of the region\u2019s Tourist Investors Association Sami Suleiman. Mohamed Othman, board member of the Upper Egypt Hotel Chamber, predicts that room rates in Upper Egypt will grow by at least 50% from October. \u201cThe price increase will continue if demand continues to grow,\u201d Othman said.<\/p>\n

REMEMBER- Egypt welcomed a record 7 mn tourists in 1H 2023<\/strong>, up more than 40% y-o-y. Hotel occupancy rates<\/a> across the country also jumped during the first half of the year, climbing to 80% from 65% during the same period last year.<\/p>\n

AND- This comes after a summer in which Gulf visitors helped drive up prices for North Coast rentals <\/strong>to never-before-seen levels.<\/p>\n","protected":false},"excerpt":{"rendered":"

The industry is hiking prices in response to inflation and the influx of foreign tourists<\/p>\n","protected":false},"author":1,"featured_media":604145,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[72,955,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-enterpriseam","tag-hospitality","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"43213a56-2a05-4d0e-9c79-d8c61fb0b1da","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1205.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Hotel prices in Egypt are soaring","related_issue":[604138],"teaser":"The industry is hiking prices in response to inflation and the influx of foreign tourists","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.c71ad073-16d0-4f70-bdff-65f98cdf4301.mp3"},"yoast_head":"\nHotel prices in Egypt are soaring - 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Hotels in Cairo, which have been seeing rates of between 60-70%, are expected to witness a 20% increase in rates and a \u201cslight\u201d increase in room prices on the back of higher operating costs,\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626693,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/09\/hurghada-hotel-occupancy-rates-reach-100-during-summer-season\/","url_meta":{"origin":604144,"position":1},"title":"Hurghada hotel occupancy rates reach 100% during summer season","author":"enterpriseam admin","date":"9 July 2018","format":false,"excerpt":"Hotel occupancy rates in Hurghada have reached 100% during the summer season, with some hotels reporting being overbooked, Chairman of travel agency Global Travel International Ali Okda tells Al Shorouk. The market in the resort town is rebounding due to better security perception, but Okda says the lack of Russian\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":644729,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/02\/hotel-occupancy-rates-soar-over-eid-break-2\/","url_meta":{"origin":604144,"position":2},"title":"Hotel occupancy rates soar over Eid break","author":"enterpriseam admin","date":"2 July 2017","format":false,"excerpt":"Hotel occupancy rates in Sharm El Sheikh, Hurghada, Alexandria, and the North Coast soared over Eid break, Al Borsa reports. Hotels in Hurghada and Sharm El Sheikh, where visitors were mostly Egyptian and Arab tourists, reported occupancy rates of 60-70% during the break. Meanwhile hotels in the North Coast, whose\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645785,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/30\/electricity-fuel-price-hikes-increase-hotel-operating-costs-by-15-33\/","url_meta":{"origin":604144,"position":3},"title":"Electricity, fuel price hikes increase hotel operating costs by 15-33%","author":"enterpriseam admin","date":"30 July 2017","format":false,"excerpt":"Hotel operating expenses increased by 15-33% following the most recent round of fuel and electricity price hikes, tourism sector representatives tell Al Borsa. Foreign tour operators, particularly from the US and UK, have been refusing to accommodate higher prices amid low demand, which has further complicated matters, a Marsa Alam\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650121,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/16\/house-tourism-and-civil-aviation-committee-wants-no-new-hotels-built\/","url_meta":{"origin":604144,"position":4},"title":"House Tourism and Civil Aviation Committee wants no new hotels built","author":"enterpriseam admin","date":"16 March 2017","format":false,"excerpt":"The House Tourism and Civil Aviation Committee has demanded that Tourism Minister Yehia Rashed put a hold on new hotels being built until occupancy rates pick up again, without giving a specific time period, committee head Ahmed El Edrissy tells Al Borsa. 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These\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=604144"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604144\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604145"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604144"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604144"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}