AirDXB are delighted to announce we are at full occupancy, a great achievement in Q1 of the year. Similar listings across Dubai are currently at an 80% occupancy rate, meaning we are above market average by 20%.
AirDXB clients benefitted from a 93% occupancy rate in January 2023, typically a slower month in the short-let calendar, showing that our portfolio is consistently strong in comparison to the general market.
High occupancy rates mean better financial returns for homeowners. It also means more opportunity for 5* reviews and promotional activities, essentially creating a domino effect, where higher traffic should, in theory, drive further business. This is where AirDXB comes in.
Gregory Lewis, Founder of AirDXB stated:
“Now, more than ever, it is important for AirDXB to show the value in what we do and the high standard to which we do it. Our homeowners know me and trust that my team will work hard to ensure the best possible guest experience, from cleaning to maintenance requests, which in turn drives the 5* reviews, increasing the flow of guests to our properties. Our goal for 2023 is to continue pushing for these high occupancy levels to create a consistent flow of income for our clients.”
Unless you’re hiding under a rock, you will know the real estate market in Dubai is flourishing (check out our 2023 real estate trends blog here). This not only includes the property investment market but long-terms rentals too. Due to this spike in long-term rental rates, we believe stock on the short-let market has decreased by approximately 28% in Dubai (based on our own workings), as some homeowners transitioned their property from short-let to long-term leasing.
So, what’s the link? Less supply of stock has created increased demand in the short-let market, driving up the average nightly rate. Combine this with consistently high occupancy levels and our clients are looking at a fairly dramatic increase in returns – and it’s only February.
Dubai has been voted, ‘The World’s Most Popular Destination for Holidaymakers”, in TripAdvisor’s 2023 Travellers’ Choice Awards, and is predicted to return to pre-pandemic tourism numbers this year. Which is pretty exciting seeing as we welcomed over 14 million tourists in 2022. Dubai will also play host to some of the largest global events in 2023, including COP28, expected to be the biggest UN Climate Summit yet with over 80,000 delegates. All this buzz creates a demand for accommodation, and with Dubai in the top 10 performing cities for Airbnb stays, the near future is looking bright for the short-let market.
Contact us if you have a property you would like to list on the short-let market. We also offer incentives for referrals.
AirDXB pride ourselves on being consistently good, our stats for 2022:
150% increase in our portfolio | 90%+ average occupancy rates | 5* average review rating