VRMA Administrator
The short-term rental market in Dubai, United Arab Emirates, is seeing a windfall from the FIFA World Cup 2022, with demand for such accommodations booming ahead of the event. Dubai is close to Qatar, where the event is being held. "Many real estate agencies and short-term rentals have reported advanced bookings for November and December," said Zoom Property Insights CEO Ata Shobeiry. "However, the real impact of this upcoming mega football event will be evident in October, a month prior to the event. It will give the already-growing Dubai rental market a major boost." Affordable and luxury apartments have reported 21 percent and 43 percent growth, respectively, in terms of rental costs in the first half of the year. Meanwhile, villas in affordable and luxury categories have seen 29 percent and 30 percent growth, and landlords are transitioning from one-year rentals to short-term stays. Zoom Property reported that Dubai's vacation rentals saw an increase in the daily rate of rental homes of about 65 percent, with further increase is expected during the fourth quarter. "Apart from the real estate, the benefits of the upcoming FIFA world cup will extend to tourism and hospitality sectors as well. This will eventually benefit the economy on the whole," Shobeiry stated.
Zawya.com (09/12/22)
