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Dubai real estate: Freehold rule changes cause spike in buyers, developments, prices, experts say

The joint development efforts are expected to open up opportunities for both owners and developers to maximise the market advantage of these properties

Prime areas in Dubai are set to see a new wave of developments with the property market seeing hectic parleys between property owners and real estate companies for joint development of properties, industry players said.

The move follows the recent Dubai Land Department (DLD) initiative allowing private property owners in the Sheikh Zayed Road and Al Jaddaf areas to convert their property ownership status to freehold, coupled with the surge in demand for freehold off-plan properties.

The joint development efforts are expected to open up opportunities for both owners and developers to maximise the market advantage of these properties, offering fresh options for investors from around the world, leading to further firming up of residential prices in the much sought-after areas of the city, industry insiders said.

“Property owners are, of late, increasingly collaborating with real estate companies for joint development, recognising the potential of Dubai’s thriving property market,” Arash Jalili, Founder and CEO of Dubai-based Unique Properties, told Arabian Business.

“With the growing demand for freehold off-plan properties, many landowners are eager to enter this dynamic segment,” he revealed.

Senior executives with other developers and real estate consultancies said the market is seeing a sudden rise of strategic partnerships, with businesses becoming official sales partners for such projects, further enhancing opportunities for investment and development.

Dubai real estate shift

Sector experts said the joint development trend is already emerging in a significant way, fuelled by the surging demand for freehold off-plan properties in Dubai.

They said it is likely that more property owners will explore joint development opportunities to maximise their market advantage.

Jalili said while it is still early to fully assess market dynamics and affordability, Sheikh Zayed Road presents a promising entry point for such joint collaboration projects in terms of pricing, with strong potential for appreciation over time.

“In Al Jaddaf, the current price per sq. ft. ranges between AED 1,400 and AED 1,600. With older buildings being converted into freehold properties, the area is poised for increased investment opportunities and enhanced market accessibility, further strengthening its appeal,” he said.

The Unique Properties’ chief executive said the Dubai Land Department (DLD)’s strategic move to allow the conversion of private property owners in the Sheikh Zayed Road and Al Jaddaf areas into freehold will not only boost the market value for landowners and attract investment in these key areas, but significantly alter the property landscape in such prime city areas.

A total of 457 plots in Sheikh Zayed Road and Al Jaddaf are eligible for conversion into freehold ownership, with 128 plots in Sheikh Zayed Road and 329 plots in Al Jaddaf opening doors to expatriates and foreign investors.

This marks a major shift from the traditional leasehold ownership structure in these high-demand locations.

Industry observers said the provision to convert leasehold properties into freehold has been introduced in response to the growing demand for properties in some of the key locations in the city.

With Dubai’s real estate market experiencing unprecedented growth, this initiative presents a valuable opportunity for UAE nationals to further capitalise on the sector’s strong momentum, they said.

Freehold drives property value

Industry players said Dubai is poised to attract a larger pool of foreign investors with freehold ownership acting as an attractive option for international buyers, particularly expatriates, looking to secure long-term investments in the UAE real estate market.

The initiative is also expected to attract sustained investments, fostering long-term economic growth and boosting real estate transaction volumes in the region, they said.

Jalili said properties with freehold status are typically considered more secure and valuable, as compared to leasehold properties.

“With freehold properties, owners have greater flexibility to manage their investments,” he said, adding that “as a result, property values in both Sheikh Zayed Road and Al Jaddaf could rise significantly, benefitting landowners and driving higher returns on investment.”

The conversion to freehold ownership is expected to significantly enhance the value of a property, as it offers full control to the owner without time constraints.

The Unique Properties’ Founder, however, said the 30 per cent conversion fee based on the property’s gross floor area valuation could be a key challenge for property owners.

“While this fee reflects the property’s value, it may be a financial burden for owners of lower-value properties.

“To mitigate this, the introduction of flexible payment plans, or targeted discounts for specific property types could ease the transition and make the conversion process more accessible,” he said.

Jalili also said while the expansion of freehold ownership has the potential to drive increased demand and influence price trends, particularly in prime locations, measures such as developer incentives or market regulations could be explored to support a balanced growth in these areas.

“Taking a strategic approach would help maintain stability and ensure long-term sustainability in the real estate sector,” he said, adding that as demand for properties increases, there is a risk of an unusual rise in property prices, particularly in premium areas, which could limit access to homeownership for a broader range of potential buyers.

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Re- Blogged via Arabian Business

Rents in Dubai: Tenants in older buildings may be able to negotiate rentals with landlords

Real estate industry executives believe that owners of older buildings will have to offer some incentives to maintain strong occupancy

Tenants in some of the older buildings of Dubai will be able to negotiate rentals with landlords as new supplies hit the market.

Real estate industry executives believe that owners of older buildings will have to offer some incentives to maintain strong occupancy. However, rents could decline in certain areas which will witness strong new supply in 2025.

In addition, more cheque payments, long-term tenancies and renovation of properties to attract new tenants will dominate the tenant-landlord relationship in Dubai in 2025 as rents will maintain an upward trajectory next year.

However, industry executives believe that rents will continue to rise in 2025 – but at a slower pace.

Rents in the emirate are forecast to increase by around 10 per cent in 2025 with strong new supply also coming into the market.

Rupert Simmonds, director of leasing at Betterhomes, said landlords have benefited from several years of rising rental prices. However, the rapid pace of increases seen in recent years is unlikely to continue

“As a result, landlords may prioritise long-term tenancies to secure stable income and maximise the current market conditions. For tenants, moving can be a hassle, especially after experiencing significant rent hikes in recent years. Many are now seeking the security of longer tenures, leading to a trend of tenants staying in their homes for extended periods. This benefits both parties, providing tenants with stability and landlords with reduced turnover costs and fewer vacancies,” added Simmonds.

“There is one significant factor shaping Dubai’s rental market — the pace of new property handovers is being countered by an exponentially growing population. New arrivals from around the world are drawn to Dubai’s unique lifestyle benefits, its welcoming culture, year-round sunshine, diverse experiences, and financial advantages,” said Simmonds, adding that in 2025, rental prices are expected to find balance, driven by affordability, expanding communities within commutable distances, and evolving supply and demand dynamics.

More cheque payments

Highlighting new trends, Haider Tuaima, director and head of real estate research at ValuStrat, said some villa landlords may have to allow for more cheque payments and perhaps be required to renovate their properties to entice new tenants. “New tenants will have some power to negotiate rental rates, and existing tenants can expect no increases to their current contracts.”

Ramjee Iyer, chairman and managing director, Acube Developments, said the market may see some flexibility in a number of cheques from savvy landlords who want to appeal to a broader base of tenants, especially with so many new arrivals to Dubai. “There will also be a greater openness to the holiday rentals sector which is booming at the minute in the emirate. On the tenant side, same as 2024 – a willingness to look further outside the main Dubai city areas in order to get more space and more bang for their buck,” added Iyer.

Rents could decline where new supply comes

Ramjee Iyer said it’s unlikely that rents will decline significantly in Dubai in 2025.

“However, some areas could see a stabilisation or even a slight decline in rents in 2025 due to increased supply. These areas are primarily non-prime locations where a significant number of new properties are expected to be completed. Some include International City, Al Quoz, and Dubai Studio City, among others,” he added.

While a widespread decline in rents is unlikely, Rupert Simmonds of Betterhomes said localised decreases could occur in areas with substantial new supply and limited demand such as Jumeirah Village Triangle (JVT) and Dubai Land Residential Complex.

“With ongoing handovers, landlords might adjust pricing to remain competitive. Additionally, older buildings in traditionally popular areas like Bur Dubai and Deira may face pressure to reduce rents to compete with modern developments offering enhanced amenities,” he added.

Yogesh Bulchandani, CEO of Sunrise Capital, says some stabilisation or slight declines might occur in Dubai neighbourhoods with a significant influx of new developments or oversupply. “Areas further from the city’s central business districts or those catering to mid-range rental markets could potentially see a cooling effect.”

Dubai’s ultra-luxury Bvlgari Ocean Mansions begin handovers

The ultra-luxurious Bvlgari Ocean Mansions on Dubai’s Jumeira Bay island are now being handed over; the properties are listed for a cool Dh180 million and more. Only seven of these Bvlgari Ocean Mansions have been constructed.

With five bedrooms and a “seamless blend” of indoor and outdoor areas, each home is around 10,000 square feet in size. They “hug the curve of Jumeira Bay Island” and have a “unique over-water design.” As a result, the houses appear to “float above the waves.”

Since its debut, Jumeira Bay and its Bvlgari-branded residences have been in high demand. In the Dubai real estate market, the Bvlgari Lighthouse tower, which is presently under construction, has broken several price records. The Dubai project was one of the first premium real estate projects that Bvlgari set out to establish, while Meraas is the master developer of Jumeira Bay.

“This project represents the culmination of a remarkable partnership with Bvlgari, combining their iconic elegance with our vision for creating exceptional living spaces,” said Khalid Al Malik, CEO of Dubai Holding Real Estate. “Together, we’ve crafted one of Dubai’s most exclusive residential destinations, blending world-class design with unparalleled lifestyle experiences.

“At Meraas, we believe in pushing boundaries and setting new standards that continuously redefine what luxury living can be.”

Re-blogged via propertynews.ae

Dubai Real Estate Transactions For The Week Of November 11 2024

Dubai Real Estate Transactions : Nov 11-15 2024

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Dubai boutique project to be unveiled by Reef Luxury Developments

Reef 1000, a revolutionary boutique project with 125 distinctive homes situated in the Dubai Land Residential Complex, has been launched by UAE-based Reef Luxury Developments, a leader in cutting-edge real estate solutions.

Reef 1000, a project worth AED 175 million, offers a range of floor plans, including exclusive duplex townhouses with four types, studio units with four different ranges, one-bedroom units with eight types, and two-bedroom units with six types.

A patented, integrated climate-controlled sunken garden is one of the many first-rate features that the residential properties at this new development have to offer.

The sunken gardens, which are unique in the world, offer a useful way to live outside in the harsh climate of the United Arab Emirates. Regardless of the weather, it provides the perfect setting for socializing and resting, marking a major breakthrough in real estate design.

“Our project offers an exceptional experience and investment value by maximising livable space and integrating innovative design elements that cater to the modern lifestyle,” said Samer Ambar, the CEO of Reef Luxury Developments.

“We believe that luxury living should not only be aesthetically pleasing but also functional and sustainable. The climate-controlled sunken gardens illustrate our commitment to enhancing the quality of life for our residents,” he added.

He claims that Reef offers a flexible payment schedule for prospective investors and buyers of these apartments, which start at AED715,000.

“Residents will enjoy a range of innovative features and luxurious amenities that cover more than 20% of the total project size, including a guest villa, indoor technogym, swimming pool, indoor yoga, private gardens, vegetables garden and BBQ areas in addition to a cricket pitch, jogging track and a multipurpose sports court,” stated Ambar.

It also has a rooftop movie theater, a decking area, a kids’ play area, an aqua pool gym, and a co-working space.

According to Reef Luxury Developments, the company is dedicated to sustainability and is enhancing environmental responsibility by implementing state-of-the-art sustainable practices and technologies.

Every technology employed in this project is environmentally friendly and intended to reduce the development’s environmental impact. The implementation of water-saving techniques, energy-efficient systems, and the incorporation of green areas into the community all demonstrate this dedication to sustainability.

“Further, Reef 1000 aims to create a sense of community among its residents. The thoughtfully designed communal areas and amenities encourage social interaction and a vibrant lifestyle, making it an ideal choice for families, young professionals, and investors alike,” noted Ambar.

He added that the project is expected to be turned over in Q4 2026.

View Reef 1000 Project details here.

Reblogged via propertynews.ae

Dubai: Fully furnished luxury villa rents for Dh8.5 million in Umm Al Sheif

Dubai’s ultra-luxury real estate market continues to reach unprecedented heights, as the astronomical sales transactions are now being matched by similar values in the rental market as well.

Growing demand for premium, ready-to-move-in Dubai homes has been highlighted by the rental of an ultra-luxury villa at Dh8.5 million over two years in the city’s Umm Al Sheif area.

The leasing deal for the 24,000sq ft villa on a 15,000sq ft plot is a record for the exclusive residential community in the western part of Dubai.

It was managed between fäm Living and fäm Lux, divisions of fäm Properties catering to ultra-high-net-worth clients and managing fully furnished luxury rentals.

“With Dubai attracting an elite audience of millionaires and billionaires, demand for premium, fully furnished, move-in-ready properties is intensifying,” said Firas Al Msaddi, CEO of fäm Properties.

While the UAE is forecast to attract an additional 6,700 millionaires by the end of 2024, the Dubai market has a limited supply of ultra-luxury villas.

DXB Interact reports that of the 61,558 villas set for completion over the next three years, only 379 are priced at Dh60 million or higher, 833 fall within the Dh30-60 million range, and 2,854 are priced between Dh15-30 million.

“This limited inventory, combined with Dubai’s reputation as a top destination for high-net-worth individuals, points to strong growth potential in the ultra-luxury segment,” said Al Msaddi. “The demand for high-end properties is also evident in the resale market, especially for apartments priced above Dh10 million.

Between 2023 and 2024, resale transactions in this segment surged by more than 25 per cent, from Dh9.8 billion to Dh12.4 billion. “Notably, this increase includes only resale transactions, and excludes off-plan sales, indicating a strong and consistent demand for luxury properties in Dubai,” Msaddi added.

In recent years, the market for properties above Dh10 million, encompassing both first-sales from developers, and resale transactions, has experienced major growth.

DXB Interact data reveals that ultra-luxury apartments and villas generated a record Dh86.1 billion in sales in 2023, a dramatic leap of 1,245 per cent from Dh6.4 billion in 2016.

Re-blogged via khaleejtimes.com

In the first nine months of 2024, Emaar Development sold Dh48 billion in property

Emaar Development, a UAE real estate developer, continued to grow rapidly in the third quarter of 2024. Compared to Dh28.9 billion ($7.9 billion) for the same period in 2023, property sales increased by 66% to Dh48 billion ($13.1 billion) in the first nine months of 2024.

In the first nine months of 2024, the company has started 50 projects across all master plans.

Emaar Development reported Dh12.5 billion ($3.4 billion) in revenue and Dh6 billion ($1.6 billion) in EBITDA from January to September, which is a 69% and 35% increase, respectively, over the same period in 2023.

Emaar’s sales backlog has grown to Dh83.7 billion ($22.8 billion), 47% more than it was in December 2023, and will be recognized as revenue in the upcoming years due to the company’s sustained sales growth.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles.”

Reblogged via propertynews.ae

UAE Developers flock to Ras Al Khaimah to cash in on high demand

Dubai Emaar Hospitality Abu Dhabi National Hotels

Dubai-based Pantheon Development is the latest developer to launch its Dh1-billion mixed-use project, the One Central, in RAK

Developers in the UAE as well as foreign ones are flocking to Ras Al Khaimah’s Al Marjan Island and RAK Central areas to cash in on unprecedented demand in the northern emirate.

The launches of new projects and demand began to spike following the announcement of the first integrated gaming resort, Wynn Al Marjan, in the Middle East in January 2022, and this trend continues to this day.

From Abu Dhabi-based Aldar Properties to Dubai-based Pantheon Development to Ras Al Khaimah-headquartered RAK Properties, developers are making the most of the opportunities, as the northern emirate is also seeing an influx of high-net-worth individuals.

Being termed as Palm of Ras Al Khaimah, developers have pumped billions of dirhams in residential and hospitality projects into Al Marjan Island. Following successfully sold out, master developer Al Marjan has launched RAK Central to meet growing demand.

To meet growing demand, RAK Properties launched Raha Island in Mina Al Arab which is connected by a dedicated water transit system. The project will comprise high-end hotels, branded residences, marinas, beach clubs, a 2.5-kilometre public beachfront and a variety of retail and leisure facilities.

The Dubai-based Pantheon Development has announced the launch of its latest Dh1-billion mixed-use project, the One Central which is located in the heart of booming Ras Al Khaimah.

“RAK Central is poised to become a vibrant financial district, and One Central is at the forefront of this transformation. Our vision in RAK Central Masterplan is more than just a real estate endeavour – it is a pivotal step towards building a sustainable, innovative, and economically robust community that will benefit residents, businesses, and the broader northern emirates region for years to come,” said Kalpesh Kinariwala, founder of Pantheon Development.

“We are aiming to create communities that not only meet the needs of modern living but also enhance the quality of life for our residents through innovative design and sustainable practices,” added Kinariwala.

Residents of RAK Central will have over 25 luxurious amenities, including an infinity rooftop pool, sky lounge, jogging track, cinema, and a dedicated dog park.

Spanning an impressive 450,000 sqft, this latest development will feature 312 residential apartments, a Grade A office building, and hotel apartments surrounded by stunning sea views of the golf course, the new Wynn resort, and world-class amenities.

Residents will have access to leisure options including Al Hamra Village, Al Hamra Golf Club, and the Wynn Resort, along with unobstructed views of the golf course, the sea, and expansive natural landscapes. Additionally, it is positioned within RAK Central, one of the UAE’s fastest-growing regions for tourism, leisure, and real estate, making it a prime location for future growth.

Al Hamra announced the launch of Al Hamra Waterfront, a residential project comprising 622 apartments to be constructed across five 18-floor buildings and 19 townhouses. The project includes a promenade, coworking space, entertainment room, swimming pools, jogging track, padel tennis courts, gym, parks, kids play area, BBQ area, a pet park and grooming area.

Aark Developers unveiled Sora Beach Residences on Al Marjan Island, an 18-storey development with a built-up area measuring 1.8 million sqft.

Almal Real Estate Development launched The Unexpected Al Marjan Island Hotel and Residences, comprising 422 hotel and residential units set for completion in the second half of 2026.

Octa Properties and fashion and lifestyle brand Elie Saab launched La Mer by Elie Saab on Al Marjan Island in Ras Al Khaimah, which will be developed by Arte Developments. The three-tower branded residence offers some unique amenities such as Serene Park on level 1, Link Garden on levels 2 and 3, sky gym, sky co-working space and many other amenities.

Rents and prices
On the back of a rising population and growing demand, rents and prices in Ras Al Khaimah have increased multiple times in the post-pandemic period as the northern emirate is witnessing an influx of high net-worth individuals from across the globe.

According to real estate consultancy Asteco, rents of typical properties increased seven per cent quarter-on-quarter and 17 per cent year-on-year in the second quarter of 2024. High-end properties – mainly located in Al Hamra, Mina A Arab and Al Marjan areas – have seen rents increase by six per cent quarter-on-quarter and 22 per cent year-on-year.

Prices per square foot of typical units have increased between three per cent to six per cent quarter-on-quarter and 11 to 21 per cent year-on-year by the second quarter of 2024.

Mina Al Arab is the most expensive place to buy properties where rates have reached Dh1,500 per square foot, Asteco data showed.

Industry executives say that Ras Al Khaimah’s real estate could see per-square-foot prices jumping three times in the coming few years due to high demand. Similarly, rents could also see a big spike as the northern emirate is aiming for over three million tourists by 2030.

Reblogged via khaleejtimes.com

Why millionaires in Dubai are now demanding sustainable communities

‘Luxury homes are not enough’

The notion of luxury in real estate is undergoing a profound transformation. No longer satisfied with opulent mansions or exclusive penthouses, high-net-worth individuals (HNWIs) are shifting their focus toward sustainable communities that offer an enriched lifestyle while addressing global environmental concerns.

Recent surveys, such as Knight Frank’s Wealth Report, show that the majority of HNWIs consider environmental and sustainability factors crucial when purchasing property. Luxury real estate firms like Sotheby’s International Realty and Christie’s International Real Estate have reported a significant uptick in inquiries for properties within sustainable communities, signalling a clear preference shift. Additionally, the rise in investment in sustainable real estate funds by HNWIs, as highlighted in the Global Sustainable Investment Review, underscores the growing demand for developments that blend luxury with eco-conscious living.

This evolution marks a departure from the traditional trappings of wealth and points towards a future where luxury is defined not just by indulgence but by thoughtful living and responsible stewardship of the planet.

HNWIs have always been trendsetters, and their latest demand is reshaping the luxury real estate market. Their preference for sustainable communities over conventional luxury properties reflects a growing awareness of how individual choices impact the environment. This demographic is acutely aware of the pressing issues of climate change, resource scarcity, and social responsibility. The appetite for homes that not only offer comfort and exclusivity but also align with these values is growing. Developers and investors who fail to recognise this shift risk being left behind in an industry increasingly guided by ethics and long-term vision.

Developments like Al Barari in Dubai are a prime example of this paradigm shift. This community integrates high-end living with green spaces, renewable energy, and a holistic approach to health and well-being. It offers more than just lavish amenities, providing a framework for a lifestyle that promotes balance and harmony with nature. Such projects resonate deeply with HNWIs, who are looking beyond personal gain to leave a legacy that fosters sustainability and community.

There is a broader implication to this movement. When HNWIs invest in sustainable communities, they send a powerful message to the market and the world. This demand catalyses change, prompting developers to innovate and governments to implement policies that encourage sustainable urban development. It creates a ripple effect, influencing middle-market properties and driving a more significant societal shift towards eco-conscious living.

Moreover, the shift towards sustainable communities aligns with a desire for long-term investment security. Properties built on the principles of sustainability and resilience are likely to retain and even increase their value as environmental regulations tighten and consumer preferences evolve. They represent a hedge against future risks, such as rising energy costs and the economic impacts of climate change. In contrast, luxury properties that lack sustainability features may become less desirable and potentially suffer in market value.

Beyond environmental considerations, sustainable communities offer something increasingly coveted — quality of life. HNWIs are placing a premium on health and well-being, seeking environments that provide clean air, open spaces, and opportunities for social interaction. Sustainable communities offer amenities like organic farms, wellness centres, and nature trails, which contribute to a holistic living experience. This focus on well-being is a marked departure from the isolated luxury often associated with gated mansions and high-rise penthouses.

Furthermore, the drive towards sustainable communities reflects a broader commitment to social responsibility. Many HNWIs are actively involved in philanthropy and impact investing, looking to make a difference in the world. Investing in sustainable real estate aligns with their desire to support initiatives that contribute to the greater good. Such investments are not merely transactions but statements of intent to build a future where prosperity does not come at the expense of the planet or society.

The rise of sustainable communities presents both a challenge and an opportunity for developers and investors. Meeting the demands of HNWIs requires rethinking traditional development models. It’s no longer sufficient to offer a luxury property adorned with the latest gadgets. The focus must shift to creating living environments that are smart, eco-friendly, and resilient. This involves incorporating renewable energy sources, green building materials, and designs that foster community interaction while minimising environmental impact.

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Americans Are Fueling The Short-Term Rental Demands In Dubai

For the first time in ten years, US citizens are among the top five source markets identified by real estate management consultancies, which are seeing an increase in American demand for short-term rentals in the United Arab Emirates.

A report on short-term rentals claims that the historic first visit of a UAE president to Washington, DC, has bolstered UAE-US ties and is the reason for this surge. The Q3 AirDxb Dubai Short-Let Market report emphasizes this trend.

“Given that Americans already represent the second-largest nationality of guests at AirDXB properties with 12 per cent in Q3 2024, we anticipate a substantial increase in demand for short-term rentals in Dubai,” stated the report.

It added: “This represents a great example of where short-lets fit with corporate travel as well as holiday makers. The growing collaboration between Nasa, the UAE Space Agency, and the Mohammed bin Rashid Space Center is also contributing to this demand. This trend is especially beneficial for short-let properties in the Meydan and District One areas.”

Tourists favor lifestyle-driven communities
Known as one of the best places to travel in the Middle East, the United Arab Emirates enthralls tourists with its breathtaking cities, vast deserts, and gorgeous beaches.

Short-term renters, especially families, prefer lifestyle-driven communities with lively amenities and good connectivity, according to experts.

While investors see this as an opportunity to select properties with strong potential for high returns, consumers are more concerned with finding unique experiences offered by diverse hosts.

Vinayak Mahtani, CEO of bnbme Holiday Homes, said: “For the first time in 10 years, we are seeing the US residents in our top five source markets; they have taken a place from China. It has to do with the efforts of Dubai Tourism who have actively been targeting the US consumer base with social media and marketing. Dubai is an aspirational brand in the US and many people are excited or inquisitive to visit Dubai.”

He added, “We are seeing both corporate and leisure guests travelling from North America; Emirates, with all its North American destinations, has helped as well.”

Easy access to city’s attractions
In addition to the rise in demand, some locations are also gaining recognition for the short-term rental options they provide.

Areas like Business Bay, Arjan, Jumeirah Village Circle, Downtown Dubai, Palm Jumeirah, and DAMAC Hills are especially well-liked, according to Anthony Joseph Abou Jaoude, Founder and CEO of Primestay, a vacation home rental company in Dubai.

These energetic areas provide a unique experience and convenient access to the city’s attractions, combining top-notch facilities with hip neighborhoods.

He said: “In recent years, Dubai has become a luxury travel destination, with visitors willing to pay more for high-end accommodations. A significant trend is that families and groups prefer larger holiday homes over multiple hotel rooms, driving up the demand for vacation villas and spacious apartments for short-term rentals.”

Joude added, “In early 2023 up to so far in 2024, Dubai’s rising demand for short-term rentals presents landlords with lucrative opportunities for high occupancy rates and attractive rental yields. Dubai’s vibrant tourism scene ensures strong demand for short-term rentals, offering landlords and investors a steady and profitable income stream.”

Re-blogged via propertynews.ae