Do you know? This first quarter of 2022 was the best for the local tourist business in the United Arab Emirates, as Dubai saw a growth of 183%, to over 7.12 million international overnight guests! Yes, you heard that right! Demand for short term rentals in Dubai among visitors to the United Arab Emirates has surged steadily in recent years, and this is mostly attributable to the conjunction of post-Covid travel preferences and the rise of remote work.
Popular Properties for Sale and Short Term Rentals in Dubai
Are you in need of bigger space to move in? Believe it or not, you are not alone as more people now prefer short term rentals in Dubai instead of hotels. There are people who want more space so they can work from home since the pandemic. With such high demand and a generally limited availability, villas have become increasingly expensive in recent years. There is still a high demand for villas, but apartments will make a comeback; those that are in a prime location, have a decent size, and are priced fairly rent out quickly.
Some of the largest rent increases since the pandemic have occurred in touristy places of the UAE, including Al Barari, Palm Jumeirah, Emirates Living, and Arabian Ranches. As a result of increasing demand and a scarcity of additional spaces, rents for penthouse apartments and larger residences in Dubai have increased.
Demand for Short Term Rentals in Dubai
There are concerns that the short term rentals industry is not effectively regulated in most parts of the world, but demand for these units has risen sharply among some demographics, such as middle-class business professionals, consultants, and families on vacation in United Arab Emirates.
Accommodation Scarcity During Qatar’s World Cup
Hotels in Doha will be occupied, and the United Arab Emirates as a whole will be bustling because of the abundance of shuttle flights between Dubai and Abu Dhabi and Qatar for the World Cup. Hotels during that time of year tend to charge exorbitant rates, but short term rentals in Dubai offer a more affordable alternative for the middle class and those traveling in large groups. They would support to fulfil the overall deficit in the accommodation market, which will allow the developers and owners to optimize their yield and increasing the demand for short term rentals during the FIFA World Cup 2022.
Short Term Rentals are Cost-efficient for Tourists
Luxury hotels may seem accessible, but not everyone can afford to stay at one. As a result, most people in the middle class or on a tight budget when traveling for business consider price first. These affordable luxury vacation accommodations are perfect for any length of stay.
Flexibility of Short Term Rentals in Dubai
Short-term rentals are preferred by some tenants so that they can easily relocate if necessary (for employment, travel, or even just to a slicker apartment across the block). For instance, holiday homes rental in Dubai would make it possible to explore career opportunities that are outside of your normal commuting zone. Renting for a brief period in Dubai also gives you more flexibility if you’re on a temporary assignment in another location. A short-term rental in Dubai is also a great option if you’re new to the area and want to take it slow before committing to a specific neighborhood for a longer time.
The Value for Money is much Higher for Visitors
Perfect for solo travelers or families looking to save money, the kitchen facilities available in most short term rentals in Dubai eliminate the need to eat out every meal along with many other advantages and benefits of staying in vacation rentals like freedom, authentic experience, more amenities for less money, more comfort etc.
Short Term Rentals are Prepared for Occupancy for Tourists
Short term rentals in Dubai typically come fully furnished, with everything from dishware and flatware to bed sheets and bath towels ready to be used.
These are just a handful of the many attractions that draw visitors to short term rentals. Perhaps more importantly, how long do you think this trend will last? Would its popularity eventually decline, as it has with past fads and trends?
Is there a Rise in the Number of Prospective Buyers in Dubai?
According to Lewis Allsopp of Allsopp & Allsopp, the company has seen a 12 percent increase in sales transactions compared to the first quarter of 2022, and a 25 percent increase compared to the second quarter of 2021. It’s the appropriate time to buy for certain people, he argues, because rent is too expensive.
Despite the rise in interest rates, people are concluding that it is to their benefit to buy. However, maximizing your investment requires extensive research. Allsopp advise taking stock of both wants and necessities in relation to current market prices. If you’re seeking for a good deal, communities like Mira, Mudon, Akoya by Damac, Town Square, JLT, JVT, and JVC are excellent choices.
As the Head of Real Estate at Huspy, Azzam Fakhoury says now is a good moment to buy. “Dubai is seeing one of its strongest property sales markets in years, and this trend is set to continue.” Buyers from all over the world are flocking there because of the high standard of living, low crime rate, and generous long-term visa options.”
Can Hotels Compete with Short Term Rentals?
Visitors or tourists who don’t need the standard hotel amenities will find short term rentals to be more cost-effective. Given that hotels and Airbnbs are both trying to attract the same customers, a comparison of their services is necessary. El Nady predicted that, in the future, “short term rentals would offer a bigger amount of competitiveness compared to typical hotel operating methods.”
Travelers today are less interested in price reductions and more interested in unique experiences in a variety of hospitality settings that is possible with the short term stays at holiday homes managed by good holiday let companies like Jetset Holiday Homes. This change in consumer behavior is a clear signal that hotel chains must adapt to meet the needs of today’s tourists. The market segment that can provide this need will unquestionably come out on top.