Dubai's Rental Market Soars
In recent months, Dubai has seen a huge uptick in short-term rentals leading up to the World Cup. With its close proximity to Qatar, it is an ideal spot for tourists to enjoy the event.
Companies like Property Finder have seen massive growth on their platforms. Dubai is a city on the rise, and the World Cup has just accelerated this growth. Short-term rentals can be found all over the city and provide the tourism industry with an opportunity to feed on itself. FIFA has noted that it would like to become more of a presence in the Middle East, and this is highlighted by the 2022 World Cup. Dubai is now becoming a major hot spot that is noticed around the world. Every four years, FIFA and the World Cup are two of the most watched events. It can benefit the surrounding economies and tourism industries greatly.
It is not just the World Cup that is bringing more short-term rental occupants to Dubai. There are many villas, apartments, and homes being built in Dubai. Residents are buying property as an investment, knowing that the Dubai real estate market could be booming for years to come. This has also brought foreign investors to the area. When investors start buying property in a large city like New York, it allows for more short-term rentals. People have noticed this and started vacationing in the area. The city boasts extreme safety as well as perfect year-round weather for a getaway or to call the city home.
With the World Cup arriving, many landlords have reduced their leasing times for these months. Many longer-term rentals have decreased lease lengths in order to raise prices for November and December. With a spike in tourism during these months, this is expected to have a positive impact on the real estate market in Dubai. Zoom Property has already seen the effects of this, with a 65% increase in the daily rate of rental homes. Further rate increases are expected as the multi-month World Cup carries on.
As we can see, the World Cup is making Dubai a top destination in 2022. There are short-term rentals aplenty, but the prices will continue to increase. This is for good reason. When FIFA brings their biggest tournament to you, the whole world is watching. Dubai has been preparing for this and seems ready to handle the influx of tourists, media, and people looking for outstanding short-term rental options.
As this skyline has become unrecognizable from 20, 15, or even 10 years ago, it has become a city that everyone needs to see. While the World Cup will drive this in 2022, Dubai is a city that will continue to grow for years. This is not a typical city, with new property being built constantly. It would not be a surprise to see FIFA make a return in the near future. Dubai has the short-term rentals, real estate industry, and tourism capabilities to handle its own World Cup. There is a place to stay for everyone in Dubai, for the right price.