Over the decade, UAE has been one of the most popular countries among people of different nations both for the abundant opportunities and for tourism. However, post-COVID after being cooped up in their homes for more than a year, individuals/families preferred the UAE as one of the most famous travel destinations to relax and rejuvenate.
As compared to 2019, the statistics show that Dubai alone attracted 183% more visitors in the first quarter of 2022! Also, the UAE has seen a trend in the increase in the demand for Short-Term Rentals during this period. It has become one of the most preferred styles of accommodation.
Our experts at Airas Property Management have analyzed the reasons for the sudden liking towards Short-Term Rentals. Below are some of the facts/points that might be useful to understand the trend.
1. Ease of Access:
Most of the short-term rentals are homes of individuals. As a result, they are more likely to be connected to the city center and important points. These rentals are hence easily accessible.
Even though hotels give off luxurious vibes, not everyone can afford this luxury. Hence, most middle-class individuals or business travelers on a budget make decisions based on the cost. Not only are these short-term rentals cost-effective, but they also are comfortable and luxurious.
3. Living the traditions:
These Short-Term Rentals keep the traditional UAE life alive. Hence, the tourists can understand UAE’s culture up close and personal. This is one of the most important USPs of Short-Term Rentals.
These are a few reasons that make Short-Term Rentals popular among tourists. But would this trend stay on for a long time? Or like other fads/trends, the graph of popularity would fall soon?
We foresee that this boom in Short-Term Rentals would be in force for a long time. Following are a few reasons to support our claim:
1. Immediate short-term reason for the boom in tourism and hence the growth of short-term rentals is the Fédération Internationale de Football Association (FIFA) World Cup in Qatar in November. The probability of the rates increasing during this season is high. These short-term rentals, as a result, are the best options for middle-class individuals and visitors with families or groups traveling together.
2. Introduction of many reforms across the UAE is another factor that would help the Short-Term rentals thrive. For example, Sharjah launched its “Holiday Home Project”. Under this project, residents can rent out their places to visitors and tourists.
3. Dubai also introduced reforms that aim to attract more people, the most popular reforms being remote work visas and multiple entry tourist visas.
4. Changed consumer preference also is one of the factors that support the growth of the short-rentals sector in the UAE. Tourists are more interested in the experience, meaningful stay, and experiences, competitive discounts.