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Short-Term Rental Market in UAE and Saudi Arabia
六月 14, 2024
Short-Term Rental Market in UAE and Saudi Arabia 迪拜
By   Internet
  • 都市报
  • Uae Housing market
  • Saudi Arabia Housing market
  • short-term rental market
  • Eid al-Adha holiday
Abstract: The short-term rental market in the UAE and Saudi Arabia is experiencing rapid growth, particularly in anticipation of the upcoming Eid al-Adha holiday. Industry experts and company executives predict substantial potential in both markets, despite differing market dynamics, with sustained growth trends evident.

In the UAE, especially Dubai, the short-term rental market is witnessing significant expansion as the demand for holiday accommodations surges. This trend is driven not only by increased domestic vacationers but also by a notable rise in tourists from countries such as the UK, India, Pakistan, Qatar, and other Gulf Cooperation Council nations.


Specific areas in Dubai, like Jumeirah Lake Towers (JLT), have seen nightly rental rates escalate from 190 dirhams, reflecting the spike in demand and concurrent increase in hotel room prices.


Leading short-term rental service providers such as Silkhaus and Colife note a shift in demand patterns. Traditionally popular areas like Dubai Marina and Palm Jumeirah are seeing a redirection of interest towards downtown areas, Business Bay, and more affordable apartment districts. This shift reflects evolving preferences in tourist activities and budget considerations.


 Short-Term Rental Market in UAE and Saudi Arabia

Internet


Peter May, Vice President of Operations at Silkhaus, highlighted to *Arabian Business*, "We anticipate a significant increase in short-term rental bookings during this year's Eid al-Adha holiday period." He emphasized that Dubai, ranking high in summer 2024 search trends, is expected to sustain strong demand.


In Saudi Arabia, particularly Riyadh, there has also been a notable increase in demand for short-term rentals, with properties in some areas fully booked during weekends.


Industry insiders indicate that companies are actively introducing new partnerships while maintaining long-term relationships with platforms like Booking.com, Airbnb, and other online travel agencies (OTAs). They are also enhancing their own booking platforms to facilitate tourist influx into their accommodations.


There is an increasing preference among travelers to use indirect booking platforms like PropertyFinder and Bayut, which cater better to longer booking cycles and extended stays, particularly during the summer tourist off-season.


 Short-Term Rental Market in UAE and Saudi Arabia

Internet


Silkhaus senior management emphasized, "Distribution remains key to our strategy. We maintain stable, long-term partnerships with well-known OTAs and booking websites while continually attracting new partners." They leverage their B2B network and sales teams to increase occupancy rates and attract customers from 120 countries globally.


While Dubai remains the highest-demand city this season, other UAE cities like Abu Dhabi, as well as the Saudi Arabian market, show immense growth potential. Both markets exhibit strong year-round demand trends despite their differing development models.


As the last-minute bookings peak for the Eid al-Adha holiday, short-term rental costs in the UAE, particularly in popular areas like Jumeirah Lake Towers, are expected to continue rising. This rise parallels the increasing prices of traditional hotel accommodations, contributing to overall short-term rental growth.


Silkhaus representatives highlighted their use of advanced technology to automate pricing adjustments, ensuring maximum returns for property owners while delivering high levels of comfort and luxury to guests. Despite seasonal price increases being commonplace, their short-term rental services remain an economically viable choice compared to traditional lodging options.


With dynamic adjustments and ongoing technological innovations, Silkhaus and other leading short-term rental companies are well-positioned to adapt flexibly to changing market demands, continuing to attract global clientele while enhancing service quality and customer satisfaction.

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Short-Term Rental Market in UAE and Saudi Arabia
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