The UAE Real Estate Market – Q1 2023
Dubai welcomed over 1.47 million tourists in January, setting a positive pace of growth for the hospitality industry in 2023
- Faraz Ahmed
- Muhammad Aijaz
- Sara Alameddine
Fueled by a steady influx of tourists from three top source markets, namely, India, Russia, and Oman, the UAE’s hospitality sector witnessed a strong growth trajectory in the first quarter of 2023.
Dubai welcomed around 3.1 million tourists in the first two months of 2023, representing a 42% increase as compared to the same period last year. The rise in inbound tourism also benefited the lower and mid-tier hospitality segments, which saw gains between 7-8 basis points (bps) in occupancy and RevPAR (revenue per available room) of 15%for the first two months of the year.
Read our latest UAE Real Estate Market report to find out more.