The KSA Real Estate Market Q3 2022
Visa reforms and introduction of new legislation to boost development bodes well for KSA’s hospitality sector : JLL
- Saud Alsulaimani
The hospitality markets in both Riyadh and Jeddah continue to recover, albeit the type of guests that each has been attracting has varied.. While hotels in the capital catering to business or corporate guests have been outperforming so far this year, luxury hotels & resorts remained the preferred choice of guests in Jeddah.
In addition, the Kingdom's well-organized year-round events schedule has also contributed to a significant improvement in demand, as evidenced by Riyadh’s occupancy rate rising to 58% in the first eight months of 2022. As for Jeddah, occupancy reached 52%, up nearly 13%-points from the same period last year.
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