U.S.-based Colliers International expected that occupancy levels in Egypt’s Sharm El Sheikh and Hurghada to drop by 63 percent and 62 percent respectively in July-September 2016.
According to its latest report, the demand in Sharm El Sheikh keeps declining and the market continues to feel the repercussions of negative tourist sentiment and instilled travel alerts from a number of European feeder market. Similar to Sharm El Sheikh, demand in Hurghada also declined with no recovery expected in short-to-medium term, the report stated.
It expected occupancy level in Sharm El Sheikh during July-September 2016 to record US$15 revenue per available room (RevPAR).
About Cairo, the report stated that it witnessed a strong performance during the first half of 2016 due to strong corporate and Meetings, Incentives, Conferences, and Events (MICE) activity.
Moreover, the report expected that demand in Alexandria is expected to rise by 11 percent in July-September 2016.