Diwali celebrations helped Dubai’s hotel industry post its highest October occupancy level since 2012, according to preliminary data from CoStar, which is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

October 2024 (year-over-year % change)

• Occupancy: 82.2% (+1.4%)

• Average daily rate (ADR): AED819.76 (+2.5%)

• Revenue per available room (RevPAR): AED673.98 (+3.9%)

Starting October 25 through the end of the month, Dubai’s Festival of Lights celebration lifted the market’s hotel performance across the three key metrics.

Dubai’s highest occupancy (92.9%) and RevPAR (AED957.77) for the month were recorded on October 29.

The market’s highest ADR level (AED1,048.04) was registered on the night of Diwali, October 31.

The same night pushed Dubai’s occupancy to 90.8% and RevPAR to AED951.51.

Overall, the market’s daily occupancy levels remained above 70% on all but one night: October 6 (69.8%). – TradeArabia News Service