Research
Kingdom of Saudi Arabia Hospitality Market Dynamics, Q3 2024
Summary and analysis of the Kingdom of Saudi Arabia's current hospitality real estate market conditions.
November 26, 2024
Contributors:
- Faraz Ahmed
- Muhammad Aijaz
- Taimur Khan
Saudi Arabia's tourism sector experienced significant growth, with international leisure and entertainment arrivals surging by 656% in the first seven months of 2024.
Government-led initiatives, including streamlined visas and expanded entertainment offerings, significantly boosted Saudi Arabia's appeal as a global leisure destination.
The hospitality market showed strong performance, particularly in Riyadh, with substantial annual increases in ADR (19.0%) and RevPAR (17.1%).