- Dubai’s real estate market, which is known for its luxury properties, is being reshaped by the demand for short-term rentals.
- According to industry experts, the emerging short-term rental market in Dubai is poised to attract international high net-worth individuals (HNWIs) looking for short stays in the city.
- Silkhaus, a short-term rental platform, has partnered with Airbnb and Booking.com to provide short-term complexes that offer the same luxury facilities as those provided by long-stay apartments.
The short-term rental market in the UAE is experiencing significant growth due to the demand from international HNWIs for short city breaks in luxury apartments.
Platforms such as Airbnb and Booking.com have noted a shift in more international travellers opting for short-term rentals over traditional hotels.
Airbnb’s August report detailed a surge in Dubai’s short-term rental listings, suggesting that the market has experienced growth over three years, with an average annual growth rate of 45%.
Silkhaus, a short-term rental platform, has partnered with Airbnb and Booking.com to answer this demand. Silkhaus manages a real estate portfolio worth more than $120m, which caters primarily towards wealthy travellers.
In a partnership statement,Aahan Bhojani, Founder and CEO of Silkhaus, indicated that company's commitment to providing seamless and efficient booking for leisure and business allows wealthy customers to enjoy a smooth travel experience.
International business travellers seeking short-term accommodation in Dubai should use a secure online money transfer service when completing transactions.
According to Bhojani, there has been a surge of interest from property owners with large portfolios who wish to cater to ultra-high-net-worth clients. Bhojani noted that property managers are beginning to note the importance of short-term rentals that include the same luxury facilities as those found in long-stay apartment complexes, such as gyms, spas and valet services.
In the announcement, Bhojani observed that the short-term rentals market in Asia has a $14bn market value, and that Silkhaus itself has achieved 170% growth within one year.
The global size of the short-term rental market is estimated to be $110bn, and the partnership between Silkhaus, AirBnB and Booking.com is solidifying its position as a key player in the global market.
Silkhaus’s partnership also indicated that the short-term rental market is set to continue its boom all year round, with many luxury complexes being booked by international HNWIs for the Christmas period in 2024.
HNWIs looking to invest in Dubai’s short-term real estate market should use safe international money transfer options when booking accommodation overseas.
Wealthy individuals can use our online money transfer comparison tool to find the best exchange rates available.
