Experts have predicted a surge in rents in Dubai as we head into the New Year. From the information we have gathered property investors and landlords who’ve rented their property for the short term have had the prices shooting up by 50% compared to last year.
So, these short-term rental bookings in Dubai have been mostly for an entire week, with daily apartment rentals ranging from AED 1,500 to AED 2,500. The real spike is witnessed in luxury stays like villas.
Considering the current scenario real estate experts have given their opinion stating that there might be even more price jumps in the New Year. This is because there are still some last-minute reservations expected until the first weekend of January 2024. December has been buzzing with bookings, especially for those swanky luxury properties.
Apartments and villas at Palm Jumeirah are going for daily rates of AED 4,500 and up, while two-bedroom properties for rent in downtown Dubai are edging closer to AED 2,500 a day.
Usually early December is a bit slow in Dubai for tourists and expats heading home for the holidays. But this time around, it’s the opposite. Instead of a drop in the pricing of rents, landlords have increased it due to excessive demands. The main reason for such a huge number of tourists in Dubai at the end of the year is because of COP28.
Real estate investors didn’t miss this golden opportunity. They were quick to add their new properties to Dubai’s short-term rental scene as early as October, knowing the demand during COP28 would be huge. Dubai Creek Harbour is sliding in with other popular choices like The Palm, Dubai Marina, Downtown, and Business Bay. It’s also a great place for newcomers to Dubai who are figuring out where to settle long-term. Plus, it’s more budget-friendly than other expat-heavy areas. Not a typical spot for holidaymakers, though – it’s got its specific market.
