Have you invested in a property in Dubai and find that you are having difficulties finding a reliable tenant? With some tenants demanding longer leases and lower rents, it can be harder as to let out a residence that you’re have chosen as a summer home or to bring extra income.
However, there is an option that many property investors have failed to think of, that could yield a large return on investment. We’re talking about letting your property on Airbnb or any number of other, specialized sites that allow anything from vacationers to shorter-term tenant to occupy your property and still provide you with income.
This is a big trend for Dubai – the city has the highest ratio of available properties compared to overall number of homes on Airbnb, at two per cent. This is the highest number among other global tourist or hub cities; New York sits at 1.2 per cent whereas Paris has 0.8 per cent.
Last July, there were just over 6,000 properties listed on Airbnb in Dubai. By the end of the year, that number had grown over to 10,766 listings for active properties. Most of those listing were for one bedroom properties, though two bedroom apartments and homes are also prevalent.
Unlike some cities, which don’t have restrictions on letting out a spare room, Dubai law requires an entire property to be let out. However, aside from some registration details and other needs, the rules on whether you can let your property on Airbnb or similar sites are considerably less restrictive than other top global destinations.
While hotels are spread across the entire city, many residential properties in Dubai have amenities that are as good or even better than staying in a traditional hotel (like infinity pools and children’s play areas), meaning that renting to short-term guest can be quite profitable.
If you’re looking for that perfect property for investment in Dubai, Copperstones can help you. We have a wide portfolio of properties in Downtown Dubai, the Palm Jumeirah and Al Barari.
To learn more, contact us +44 207 258 6150 (overseas), 08445 555 555 (UK) or email firstname.lastname@example.org.