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.

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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.

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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.

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