Dubai’s Short-Term Rentals ComeBack-Story
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Dubai’s short-term rental market suffered quite hard like its contemporaries in the City’s other sectors in the pandemic-induced lockdown. The real estate sector in Dubai was on the road to regain its former glory. Following its successful course, property pundits predict a strong comeback of short-term property rentals also.
Furthermore, the vaccine drive in the UAE has proved to be a lot positive in this regard. While in a pandemic, many analysts also predicted that tourism. It had come to an end but the New Year proved it wrong. Each state of UAE has shown a surprising increase in the tourism and travel sector. After the lockdown and this is the main reason why Dubai staycations have been on the rise ever since.
But the property analysts also say that the dynamics will change as the residents or guests in this regard. This boom in short-term rentals is because the people want to break the monotony of the lockdown and travel. But with the passage of time, the guests will want to increase their stay and make it long term. The analysts also credit this increase in short-term rentals due to high pent-up demand, ability to work from anywhere due to the current Work from Home culture along with space and ability to travel with safety.
This temporary short-term rental increase will also accelerate the use of technology in our daily lives and in the travel industry in specific. There has been a rise in self-check-ins and other technological advents in this regard.
In general, the research analysts conclude that short-term rentals are vital in current times because they are the best alternative to change the monotonous scene set up by the pandemic whereas, in normal times, they have fulfilled and will keep fulfilling their due role in contributing to the tourism market.
Dubai Tenants are Moving to these Premium Neighborhoods
According to the ServiceMarket- a moving, cleaning, and home services Provider Company in the UAE, Dubailand, and its suburbs are the most popular areas where Dubai residents and tenants are moving at present times.
Other premium neighborhoods in this regard include; Downtown Dubai, Business Bay, Dubai International Financial Centre, Dubai Marina, Jumeirah Beach Residences, and Bluewaters.
Dubailand and its suburbs top the list with approximately 12.1 percent of all the moves due to its multiple projects. Such as Town Square, Mira Community, Akoya Damac, Remraam, and Arjan. Dubai Marina and Downtown Dubai have also maintained their presence on the list of top five popular areas in Dubai for six consecutive years according to the ServiceMarket.
The recent trend of tenants shifting to the outskirts of Dubai is due to lower rents and more spacious apartments which is getting more important for families these days. With so many options provided by the newly-established projects in Dubai, property pundits say that it is the perfect time for people who want a spacious place for good money’s worth to move to a bigger place among the newer communities.
Dubai Silicon Oasis, Academic City, and International City also saw an increase in tenants this year. The tenants are finding these locations perfect for their family setup because the residential communities provide an improved standard of living.
This shift to the outskirts of the city is due to the less price-more space clause of the rental units in this regard. Furthermore, the general trend of work from home has reduced the requirements of the “Easy Commuting Clause” as people now mostly work from their homes. Furthermore, the report from ServiceMarket also stated that these communities offer a host of modern urban amenities which also played. It plays a vital role in attracting a huge amount of tenants this year.
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