WASHINGTON – 29 April 2024 – Dubai’s hotel occupancy and average daily rate (ADR) reached elevated levels during Ramadan and Eid al-Fitr, according to recent data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Ramadan
During Ramadan (11 March - 9 April), Dubai saw its highest daily occupancy levels on Friday, 29 March (at 78.9%), which coincided with the Easter holiday weekend. The market’s ADR levels peaked on Saturday, 30 March, at AED901.25.
“As expected, Dubai hotel occupancy dipped slightly at the beginning of Ramadan, fluctuating between 60% to 74%, with the exception of Easter weekend,” said Kostas Nikolaidis, STR’s senior account executive, Middle East & Africa. “Despite this, overall occupancy came in higher than levels seen during Ramadan 2023. Meanwhile, room rates during the Ramadan period received an added lift due to the overlapping holidays.”
Eid al-Fitr
Eid al-Fitr celebrations commenced on Wednesday, 10 April, with Dubai seeing its highest daily occupancy levels on Friday, 12 April at 92.9%. The highest ADR levels were recorded on Thursday, 11 April, at AED891.48.
“With leisure demand rebounding during Eid, occupancy levels jumped significantly compared to the Ramadan period,” Nikolaidis said. “Most countries in the region announced extended public and private sector holidays, which led to tourism demand dispersion throughout the week of Eid and drove consistent performance over a longer time period.”
A full Ramadan and Eid al-Fitr analysis can be found here.
For more information about the company and its products and services, please visit www.costargroup.com.
News Media Contact
Haley Luther
Senior 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. OnTheMarket is a leading residential property portal in the United Kingdom. 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 100 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.
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