Dubai Airshow and COP28 push hotel bookings

WASHINGTON – 7 November 2023 – Dubai’s hotel industry has seen a noticeable jump in occupancy on the books as the market prepares to host the Dubai Airshow and COP28, according to CoStar’s Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

Dubai Airshow
As of 30 October, occupancy on the books for the Airshow was 59.1% for Thursday, 16 November and 58.3% for Wednesday, 15 November. At this time last year, levels for those dates sat at 53.1% and 54.7%, respectively.

“As one of the most popular and prominent commercial aviation events in the world, the Dubai Airshow has always been a great demand source for Dubai hotels,” said Kostas Nikolaidis, STR’s account executive for Middle East & Africa. “There is a plethora of top-tier events on the Dubai calendar year after year, and the Airshow is no exception.”

COP28
Dubai showed its highest December occupancy on the books on Saturday, 2 December (44.2%), and Friday, 1 December (43.7%) – the second and third days of COP28. When looking at same time last year, the metrics were significantly lower, at 29.4% and 30.8%, respectively. 

“COP28 combined with UAE National Day on Saturday (2 December) and other events taking place during the busy winter period will ensure the city is buzzing with activity,” Nikolaidis said. “Over 40% of all hotel rooms are already booked for the first few days of COP as well as New Year’s Eve.”

“Both events are expected to push hotel performance to new highs for the year with some hotels selling out closer to the dates, Nikolaidis said. “It takes skill and effort to fill a city the size of Dubai with more than 147,000 rooms. However, for yet another year, the market boasts a full calendar and a top-class Dubai experience awaiting the millions of tourists that will arrive.”

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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 78,000 properties and 10.3 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.

News Media Contact
Haley Luther
Communications Manager – STR
(216) 278-0627
hluther@str.com

About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 160 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

* In September 2023, Homes.com surpassed 100 million monthly unique visitors, according to Google Analytics, exceeding Realtor.com’s 74 million monthly average unique visitors for its fiscal fourth quarter as reported in its earnings release on August 10, 2023, and Redfin’s 52 million monthly average unique visitors for the quarter ended June 30, 2023 as reported in its Form 10-Q filed August 3, 2023.