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Fifa Qatar World Cup: Dubai rents to increase; short-term rental market to grow
First-ever global football event held in the Arab world will draw people from around the globe
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Rental rates in Dubai's popular neighbourhoods have been rising — but with the Fifa World Cup being held in nearby Qatar in November, costs are expected to go up further, according to a property portal's analysis.
In the first half of the year, apartments in the affordable category have seen a spike of 21 per cent, while the rental cost for luxury flats has climbed to 43 per cent. Villas have also reported a rent hike of up to 30 per cent, according to Zoom Property Insights.
These numbers, however, are expected to increase further during the last quarter of the year, once Fifa World Cup fans start flying in for the month-long event.
The sporting event is set to start on November 20, and is the first-ever global football event that’s being held in the Arab world. It is expected to attract fans from all over the world to Dubai, which is geographically close to Qatar.
According to Zoom Property Insights, Dubai will be able to benefit from both its proximity to Qatar and the wide availability of short-term rentals.
Ata Shobeiry, CEO at Zoom Property, said: “Many real estate agencies and short-term rentals have reported advanced bookings for November and December. However, the real impact of this upcoming mega football event will be evident in October, a month prior to the event. It will give the already-growing Dubai rental market a major boost."
Short-term rentals to flourish
Another trend that experts note is the increase in demand for short-term rentals. This is because many hotels and resorts in Dubai are already pre-booked, and visitors need to find alternative (and more affordable) options. Many landlords are responding to this demand by switching from 1-year rentals to short-term rentals.
Zoom Property Insights reports that vacation rentals recorded a rise of around 65 per cent. A further increase is expected in this case as well.
“Apart from the real estate, the benefits of the upcoming FIFA world cup will extend to tourism and hospitality sectors as well. This will eventually benefit the economy on the whole,” Shobeiry said.
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