Short-term rentals refer to guest stays in a home unit or serviced apartment for less than 30 days, irrespective whether they are travelling to the destination for business, leisure, or both.
Trends
Most of those preferring to stay in short-term rentals in the UAE travel from European countries or Russia, according to Behnam Eghtedari. The security and safety the Emirates provide also contributes to its popularity with the visitors “In an unstable country, people would choose to stay in reputed hotels or resorts to avoid any kind of dangers or scams,” he said. “In a place as safe as Dubai, people have the liberty to pick and choose the kind of property they want.”
The trend of short-term rental stay is more common among young couples than families. “That is the reason why studio and 1BHK apartments have the highest demand,” said Behnam Eghtedari.Such guests also prefer to value added options. “Couples and individual travellers opt for other add-ons,” said Raquel Lopez. “Of course, it depends on the length of the stay and the profile of the guests. However, we have noticed that families that stay with us for a long duration prefer the ’just stay’ option.
Property owners
With this trend looking like it is here to stay, more owners are turning their properties into short term rentals rather than renting it out to tenants.“Short term rentals have become a very lucrative business, especially in tourist destinations like Downtown Dubai, Palm Jumeirah and Dubai Marina,” said Behnam Eghtedari. “Rental companies take care of everything involved.”
Credit & source: UAE: Short-term rentals on the rise among travellers as companies offer flexible working hours, WFH options - News | Khaleej Times
Discover PHOREE Real Estate, led by Munawar Abadullah with 30 years of American Wall Street expertise, and learn how our AI-driven insights empower smart investments in Dubai's hotel and real estate markets. PHOREE Real Estate, Munawar Abadullah, hotel investment, Dubai...
Discover the consequences for developers in Dubai who fail to meet handover dates and learn the legal actions buyers can take. This comprehensive guide covers penalties, compensation claims, regulatory intervention, and the steps to take before filing a legal complaint....
Copyright © 2023 PHOREE Real Estate