The Middle East region is at the forefront of the recovery in global leisure and hospitality construction projects, surpassing pre-pandemic levels by 22% due to a significant influx of tourists. Europe, on the other hand, the largest destination region worldwide, reached 94% of pre-pandemic levels, predominantly driven by strong demand within the region.
The post-Covid recovery of the tourism sector, which is a key economic driver for many countries, is expected to boost investment in leisure and hospitality construction projects. As a result, there has been a notable expansion of investment in this sector across major markets, leading to a substantial pipeline of schemes. This surge in investment is primarily due to the UN World Tourism Organisation’s report, highlighting a 34% increase in international tourists globally, reaching a staggering 1.2 billion overnight visitors in 2023 compared to the previous year.
Despite the challenges caused by the pandemic, international tourism managed to recover to 88% of pre-pandemic levels in 2023, primarily fueled by pent-up demand. The tourism industry’s quick rebound and steady growth indicate that international tourism levels are expected to surpass pre-pandemic figures by 2024.
GlobalData, a leading analytics company, is closely monitoring leisure and hospitality construction projects worldwide. The current pipeline of projects in this sector has a total value of $1.85 trillion, which represents a marginal increase from the previous quarter. The projects include not only hotels and resorts but also mixed-use developments that incorporate significant leisure and hospitality components.
The Middle East’s remarkable recovery and Europe’s steady resurgence highlight the resilience and potential of the leisure and hospitality industry. As countries gradually overcome the aftermath of the pandemic, investment in this sector will continue to play a crucial role in economic growth and job creation.
FAQ:
1. What region has seen the highest recovery in global leisure and hospitality construction projects?
– The Middle East region has surpassed pre-pandemic levels by 22% due to a significant influx of tourists.
2. What region is the largest destination worldwide?
– Europe is the largest destination region worldwide.
3. What percentage of pre-pandemic levels has Europe reached in terms of leisure and hospitality construction projects?
– Europe has reached 94% of pre-pandemic levels.
4. What is expected to boost investment in leisure and hospitality construction projects?
– The post-Covid recovery of the tourism sector is expected to boost investment.
5. What has led to a substantial pipeline of schemes in the leisure and hospitality sector?
– The notable expansion of investment in this sector across major markets has led to a substantial pipeline of schemes.
6. What is the current pipeline value of leisure and hospitality construction projects worldwide?
– The current pipeline of projects in this sector has a total value of $1.85 trillion.
Key Terms:
– Leisure and Hospitality Construction Projects: Refers to the development and construction of facilities related to leisure and hospitality, such as hotels, resorts, and mixed-use developments.
Suggested Related Links:
– UN World Tourism Organisation
– GlobalData