by admin
Dubai: Ahead of the demand that would exist during the FIFA World Cup in Doha late November. Landlords and real estate investors in Dubai are converting their apartments from annual rentals to short-term leases. Since their owners want to test their properties before the matches in Doha begin. A sizable number of recently transferred properties are also being placed in the short-stay market. As footballs stay here and then travel to Doha on game days, Dubai and Sharjah are expected to benefit the most.
Additionally, there is a lot of “switching” going on. According to Jean-Pierre Mondalek, CEO of houza.com, the property leasing portal, “we’ve seen more activity within short-term rentals, with more supply coming to the market as some longer-term landlords opt to switch to the short-term model to benefit from increasing occupancy rates and higher net yields.” With the anticipated increase in regional tourism following the 2022 Qatar World Cup in Dubai, we expect the demand for these units to stay robust as we head into Q4-22.
Some landlords who choose short-term rentals will also be monitoring the outcomes from Doha. “In an ideal world,” said an estate agent who is now solely focused on assisting in the channelling of short-stay demand in the local real estate market, “If a fan’s favorite team is eliminated in the first round, it should make it possible to draw additional football fans for the pre-quarters & quarters.” “New rates should be in effect for property reservations by the semis.
“In the coming weeks, short-stay rentals in Dubai promise a jackpot for landlords compared to the fixed contractual terms on one-year rentals.”
Sharjah Wants A Piece As Well
Landlords in the emirate of Sharjah may take full advantage of the overflow opportunities that will arise during the FIFA World Cup phase, according to real estate agents, as the city recently modified its regulations on short stay/holiday house leases. Additionally, there are individuals who desire to spend the last few weeks of the year in the UAE.
The regulation has made sure that the quality maintains the anticipated worldwide standards, therefore Sharjah landlords may truly profit if they play this correctly, according to the agency. And during the last six weeks of 2022, short-term rentals in Sharjah can be fairly alluring at a considerable reduction from rates in Dubai.
1 Year Versus Short-Stays
For the short-stay category in Dubai, this would be the second consecutive year of good times. The Expo and year-end celebrations served as the ballast for landlords and real estate investors the previous year. This year, demand will arrive nice and early thanks to the World Cup-related demand.
According to market sources, short-term rental rates would likely climb by 15–25% in December compared to current rates. Additionally, rates are now 10-15% higher than they were during the same time period last year.
