In Dubai, demand for short-term rentals is surging
Published Date: 14th Oct, 2024
According to data, the short-term rental market in Dubai is changing, with a 30% rise in demand over this time last year.
According to experts in the field, this trend is completely changing the real estate landscape of the area, providing astute property owners with substantial returns and appealing lodging options for tourists.
Surge in Tourism
"Due to increased tourism and a desire for flexible living options, we have seen a surge in short-term rental apartments in Dubai over the past year, with a 30 percent increase in bookings," says Myles Rothwell, Director of Edwards and Towers, a renowned real estate brokerage and investigating practice in Dubai. Investor returns as a result have increased by up to 20% over conventional leases. Long-term rentals, on the other hand, provide consistent revenue and maintain an average yearly yield of 7%.
Investors
"Extensive research is essential when looking for the perfect short-term rental," says Cherif Sleiman, Chief Revenue Officer of Property Finder, a significant regional real estate portal. The majority of short-term renters with families, for instance, favor lifestyle-oriented communities with lively amenities and excellent connectivity, according to our most recent white paper, Opening Doors: Insights, Trends, and Forecasts for Property in the UAE. Investors can choose properties that offer the highest returns while consumers seek out distinctive experiences handpicked by a diverse range of hosts. We're excited about the exciting development of short-term rentals in the real estate industry, and we hope it continues to grow," he continues.
According to Cherif Sleiman, Chief Revenue Officer (CRO) at Property Finder, a prominent regional real estate portal, "doing a lot of research is vital when looking for the perfect short-term rental." Our latest white paper, establishing Doors: Insights, Developments, and Forecasts for Assets in the UAE, indicates that most families who rent short-term prefer lifestyle-oriented communities with vibrant amenities and first-rate connectivity. Property investors can select properties with the best returns, and guests want unique experiences selected by a variety of hosts. We hope that the phenomenal growth of rental properties in the property sector will continue, as we are excited about it," he says.
Development
Dubai has developed into a posh vacation spot in recent years, drawing travelers prepared to shell out extra for upscale lodging. Families and groups are increasingly choosing larger vacation homes over several hotel rooms, which is a noteworthy trend that is increasing demand for spacious apartments and vacation villas for short-term rentals. Dubai's a growing need for short-term rentals from early 2023 to early 2024 offers landlords profitable chances for high rates of occupancy and enticing rental yields.
A Short-term rental apartment in Dubai is in high demand due to Dubai's thriving tourism industry, which provides investors and landlords with a reliable and lucrative source of income, says Anthony.
The city prepares for a spike in visitors with a wide range of interests and preferences as winter draws near. Investors hoping to maximize the value of a property in this market segment must stay abreast of these needs.
Date: 14th Oct, 2024
