Hotel accommodation prices in Egypt will likely increase amid a high occupancy rate.
Egypt, The official ascribed the increase in prices to the surge in booking rates at Egyptian hotels, noting that prices of hotel rooms went up by 45% in some destinations.
Staff Writer, Arab Finance
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According to Asharq Business, a government official stated that hotel and resort accommodation prices in Egypt will rise by a minimum of 35% year on year in 2023 and 30% in 2024.
The official attributed the price hike to the increasing demand for Egyptian hotels, which led to a 45% increase in some locations.
Similarly, Ibrahim El Messiri, the CEO of Abu Soma Tourism Development Company, which develops and operates Somabay, predicted that coastal hotel room prices will increase by at least 10% from 2024 onwards.
Moreover, Sami Suleiman, the Head of the Nuweiba-Taba region’s Tourist Investors Association, said that room prices in that area would vary from $120 to $150 per night by the end of 2023, compared to $70-$100 in the first half of 2023.
In the same way, Mohamed Othman, a Board Member of the Upper Egypt Hotel Chamber, expected that hotel room prices in Upper Egypt will increase by at least 50% starting from October 2023 and that the price increase will persist if demand keeps growing.