Dubai Short-Stay Rents Skyrockets 50%, up to Dh4,500 Per Day
A significant hike of 50%, reaching up to Dh4,500 per day, has been recorded in Dubai’s short-stay rental market. Reports reveal that landlords and property investors who focused on short-term lettings saw dramatic year-on-year rate growth in December, with some seeing an increase as impressive as 50%. Gregory Lewis conveyed that the unprecedented surge was primarily driven by the influx of guests for COP28.
There has been a noticeable increase in bookings for short-stay properties in Dubai throughout the month of December, particularly within the high-end category. A substantial proportion of these bookings equate to a week-long stay, with the per-day rental rates for apartments typically falling within the Dh1,500-Dh2,500 range. These rates, however, can fluctuate based on the specific location and the prevailing demand.
Individuals who want to rent an entire luxury villa are currently facing a rate increase. Interestingly, with expected last-minute bookings extending until the first weekend of January 2024, we may see further growth in these rental prices.
Based on current data, the per-day rental charges for properties in Palm have risen beyond Dh4,500. Meanwhile, the luxurious two-bedroom apartments in downtown Dubai are getting closer to DH2,500. This is quite different from the demand patterns traditionally seen in the first half of December in previous years.
Stay connected to Red Marketing & Real Estate for more updates