VRMA Administrator
Demand for short-term rentals has risen significantly among travelers to the United Arab Emirates (UAE), primarily due to a post-COVID tourism resurgence combined with remote work options. The UAE's tourism industry growth rate in the first quarter of 2022 surpassed that of 2019, with Dubai alone drawing over 7.12 million international overnight visitors in the first six months — a year-over-year gain of 183 percent. The Adroit Agency's Mohamed Tahir said demand for short-term rentals is mainly fueled by ease of accessibility, prominent locations, few brand name-driven royalty fees, and competitive rates. Last month, the emirate of Sharjah launched its "Holiday Homes Project," permitting residents to rent out properties they own to tourists and visitors. The Sharjah Commerce and Tourism Development Authority estimated that the emirate has more than 200 holiday homes. Dubai has reported 10,000 active vacation rental listings, and their occupancy rates have risen 32 percent from December 2020 to December 2021, with a 15 percent to 28 percent gain in average daily rate and average month-on-month occupancy expanding to 94 percent. The popularity of short-term rentals appears to be growing particularly among mid-tier business professionals, consultants, and families visiting for leisure. Tahir predicted that the segment that caters to consumers who increasingly prefer meaningful experiences will have a competitive advantage.
Skift.com (09/01/22) Peden Doma Bhutia
