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Reading: Demand for short-term rentals in the UAE surges, with rates reaching up to Dh100,000 per night – Here’s why
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Gulf Press > Business > Demand for short-term rentals in the UAE surges, with rates reaching up to Dh100,000 per night – Here’s why
Business

Demand for short-term rentals in the UAE surges, with rates reaching up to Dh100,000 per night – Here’s why

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Last updated: 2024/09/15 at 9:45 AM
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The demand for short-term rentals in the UAE is on the rise due to competitive rates and more options for visitors. Landlords are also switching from long-term to short-term rentals for higher returns, particularly in prime areas like Downtown and Burj Khalifa. Industry executives suggest that the demand primarily comes from digital nomads and visitors from European and Asian countries.

According to industry experts, the short-term rental market has seen stable rates with a slight increase in 2024 due to more listings entering the market and competitive rates from hotels. Short-term rental rates in Dubai average around Dh500 per night, significantly higher than in other parts of the world. Listings range from as low as Dh200 per night to over Dh100,000 with 30,000 to 50,000 listings across the UAE.

The growth in short-term rental demand is attributed to the UAE’s position as a global travel hub, government initiatives to promote tourism, and the rise of digital nomads seeking flexible living arrangements while working remotely. The popularity of staycations among local residents has also contributed to the demand for short-term accommodations.

Property owners opting for short-term rentals in prime locations enjoy strong occupancy and returns, with Dubai being the most profitable Airbnb city in the world in 2022, especially near Burj Khalifa. Short-term rentals in popular areas like Dubai Marina, Jumeirah Beach Residence, and Palm Jumeirah offer high rates per night, but areas like Jumeirah Lake Towers and Jumeirah Village Circle provide better returns on investments.

Short-term rentals in the UAE offer higher returns than long-term rentals, with a 20% higher return on average over a 2 to 5-year period. Property owners can charge higher nightly rates, particularly in high-demand areas in Dubai and Abu Dhabi, leading to higher occupancy rates during peak tourist seasons and major events. However, factors like management costs, maintenance, and local regulations can affect overall profitability.

As travel rebounds post-pandemic, the demand for unique and flexible lodging options is expected to grow, with the rise of remote work and digital nomadism sustaining interest in short-term rentals. Ongoing developments in tourism infrastructure and the increasing popularity of platforms like Airbnb and Vrbo are expected to boost the market further. Overall, the short-term rental market in the UAE is expected to continue growing and developing, with a focus on stability, listings, and quality.

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News Room September 15, 2024
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