WASHINGTON – 13 March 2024 – A series of events pushed all-time high occupancy levels in Dubai, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
February 2024 (year-over-year % change):
- Occupancy: 90.8% (+3.4%)
- Average daily rate (ADR): AED887.06 (+9.3%)
- Revenue per available room (RevPAR): AED805.21 (+13.1%)
The market’s hotel performance was helped by several events including Gulfood (19-23 February), the 2024 FIFA Beach Soccer World Cup (15-25 February), the 2024 Dubai Duty Free Tennis Championships (18 February-2 March), and Untold Dubai Festival (15-18 February).
Dubai’s highest occupancy levels were reported between 20-22 February, at 96.2%, 96.8%, and 96.5%, respectively. The market’s daily occupancy levels remained above the 80% mark throughout the entire month.
Daily ADR levels spiked on Wednesday, 21 February, at AED1,114.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
