Saudi Arabia’s Tourism Boosts Post-Covid Recovery of Real Estate Sector
Photo Credit: Ushaiqer Heritage Village in Saudi Arabia. Unsplash / Abdulrhman Alkhnaifer
Skift Take
As countries in the Middle East set ambitious tourism targets for the future, Saudi Arabia is investing in infrastructure to drive numbers, while Dubai is investing in technology to adopt "Smart Gates" at Dubai airport and looking to make air taxis a reality.
Middle East Travel Roundup
Get the latest news from the Middle East in one easy-to-digest newsletter.The post-Covid recovery of the real estate sector in Saudi Arabia is led by increasing tourist demand and government spending on infrastructure projects such as the investment in King Salman International Airport, Deloitte noted in its latest real estate report. In 2022, both average daily rate (ADR) and occupancy improved from 2021 as market-wide recovery was supported by the ease of travel and faster visa processing for tourists, according to the report. The first three months of the year were the strongest for occupancy performance in Riyadh, reaching 76 percent in March. Meanwhile, Jeddah hotels recorded the highest occupancy performance in May at 59 percent. The facilitation of a tourist visa for Gulf residents and the visa on arrival extension to UK, U.S. and European Union residents aims to support the country’s ambition to welcome 100 million visitors a year by 2030, the global consultancy firm noted in its report.
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