Airbnb revenues up by 421% in Dubai

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by Patrick Ryan | Published 10 months ago

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Airbnb revenues have increased by 421% in Dubai between August 2015 and August 2017.

chestertons-airbnbListings have nearly tripled to 3,249 representing a figure of $3.3 million.

That’s according to Chestertons MENA, a leading international property agency, that has released a special market report outlining the growth of Airbnb in Dubai between August 2015 and August 2017.

“In April 2016, a new Executive Resolution No. (1/2016) concerning the Second Edition of ‘Dubai Holiday Home Rental Regulations’ was introduced, resulting in the relaxation of the rules surrounding holiday home rentals. This has, in turn, increased the number of listings and created alternative accommodation options to achieve the emirate’s 2020 objectives,” said Ivana Gazivoda Vucinic, head of advisory and research, Chestertons MENA.

The relaxation of rules, effectively making it possible for home owners and tenants to cut out the middleman and list their property directly on the site, has resulted in a marked increase in the number of listed Airbnb units available, rising 161% from 1,241 units in August 2015 to 3,249 units in August 2017.

Chestertons research has revealed, rather than competing with Dubai’s hospitality sector, the Airbnb concept is complementing the hotel offering within the emirate by providing an alternative travel experience, with average occupancy levels topping 57% during Dubai’s peak season.

During the low season months of June, July and August 2017,  Airbnb occupancy levels averaged nearly 40% – on a par with performance in the hotel industry.

The Dubai Department of Tourism and Commerce Market signed an agreement with Airbnb in May 2016, to help further regulate the accommodation offering available and ensure only whole or integral units are marketed, promoting responsible hosting and helping grow and diversify tourism in the emirate in line with Dubai’s strategy to attract 20 million visitors by 2020.

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