Report: Dubai’s growing holiday rental market
GuestReady predicts a 39% increase in income during Dubai’s events this year
Holiday home management company, GuestReady Dubai, has revealed its prediction for the vacation rental market this year.
The company predicts a 39% increase in income from rentals during the Dubai Summer Surprises (DSS) event and the Dubai Jazz Festival.
It highlighted Arab Health, the Dubai International Boat Show, the Dubai Duty-Free Tennis Championships, the Dubai Design Week, and Expo 2020 Dubai as other major events where hosts can maximise their earning potential.
Looking at data from AirDNA, GuestReady stated during the three-day Dubai Jazz Festival, landlords can see an average revenue of AED 2,921, with RevPAR growing by 35.55% to AED 584.2 from AED 430.97. Similarly vacation rentals during Expo 2020 are projected to have a RevPAR of between AED 560 and AED 802, with an eight nights per reservation statistic.
GuestReady Dubai MD, Reem Al Khatib commented: “In line with its vision to be a leading cultural, entertainment, retail, and investment hub, Dubai has been organising a number of mega events packed with a host of activations and festivals every year and as a result, the city has witnessed progressive improvement in annual visitor footfall growth.”
He continued: “With 2020 being a milestone year for the emirate as it is set to host highly anticipated events such as Expo 2020 Dubai, holiday homes are projected to experience a substantial increase across three key KPIs of occupancy, ADR and RevPAR. We have reaffirmed our commitment to delivering superior value to our customers by providing the actionable insights that will help them plan ahead to capitalise on forthcoming opportunities to generate additional returns.”
Despite the summer months being notoriously quiet for vacation rental landlords, DSS is expected by GuestReady to bring in AED 79.65 million in revenues for the rental home market.