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Popularity of Airbnb skyrockets in Dubai

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Revenues for its properties increase 421% in two years
The popularity of Airbnb is soaring in Dubai as accommodation in the emirate continues to diversify, with revenues for its properties increasing by 421% in the last two years.
The property agency Chestertons MENA published a special market report on the growth of Airbnb in Dubai between August 2015 and August 2017. It says that revenues for properties listed on the hospitality platform topped $3.3 million in August 2017.
The number of listings almost tripled over the period to 3,249. The trend follows a relaxation of rules allowing home owners and tenants to list their properties directly on the site.
The Airbnb concept complements the range of hotels in the emirate, according to Chesterton’s research, providing an alternative travel experience. Average occupancy levels reached 57% during Dubai’s peak season.
Throughout the low season of June, July and August 2017, Airbnb occupancy averaged at nearly 40%, which is on a par with performance in the hotel industry.
“In April 2016, a new Executive Resolution No. (1/2016) concerning the second edition of the Dubai Holiday Home Rental Regulations was introduced, resulting in the relaxation of the rules surrounding holiday home rentals,” explained Ivana Gazivoda Vucinic, head of advisory and research at Chestertons MENA.
“This has, in turn, increased the number of listings and created alternative accommodation options to achieve the emirate’s 2020 objectives.”
She added: “New regulations and an increase of Airbnb supply will help grow and diversify tourism, increase choice and attract new guests to the emirate, while also providing investors with an alternative income stream.”
TTG MENA

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