Tuesday, 25 June 2024
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BusinessDubai

Short-term rentals in Dubai soar 50%, with further boom expected in the New Year

  • The number of short-term rentals in Dubai has increased significantly, with pricing increases of up to 50% yoy.
  • Rates for luxury real estate, especially villas, are rising.
  • Dubai Creek Harbour is becoming a serious contender for short-term travelers’ preferences in the city.

The number of short-term rentals in Dubai has increased significantly, with pricing increases of up to 50% year over year. A week’s stay is often reserved in advance, and daily apartment rentals range from Dh1,500 to Dh2,500, depending on demand and location.

Rates for luxury real estate, especially villas, are rising. These rate increases may see another uptick as last-minute reservations are anticipated through January 2024.

Short-term rentals

Throughout the entire month of December, reservations for short-term accommodations in Dubai have been made, especially for luxury hotels. Listings on the Palm show daily costs of Dh4,500 and upwards, while luxurious two-bedroom alternatives in the Downtown are more in line with Dh2,500.

Since fewer people travel in the weeks before New Year’s Eve, early December is usually slower, with rates typically dropping by 20%. But because of the number of people traveling for COP28, prices in December were up to 50% more than in prior years. Investors in real estate were quick to seize this opportunity and promptly added their recently acquired properties to the short-term rental pool.

With its brand-new, contemporary complexes selling well on listing platforms, Dubai Creek Harbour is becoming a serious contender for short-term travelers’ preferences in the city. Additionally, it is a convenient place for recently arrived residents to settle down while they decide where they want to call home permanently.

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