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%).

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