Dubai Airbnb market worth over $101m
Revenues for properties listed on Airbnb in Dubai increased by 69 per cent in 2018, compared to the previous year, reaching $101 million in the emirate, a new report by Chestertons Mena has found.
As of December 2018, active listings had increased by 26 per cent to 5,009 units compared with 2017 during which 3,987 units had been listed, and increased by 81 per cent compared with 2016 when there were just 2,775 units listed on the site. Active listings in the report are based on entire units, as per current legislation. The report also outlines that demand has supported the increase in available units with average occupancy levels reaching 65 per cent during Dubai's peak season in March 2018. During the same period in 2017, occupancy levels were at 50 per cent. During the low season months of June, July and August 2018, occupancy averaged 49 per cent which was higher than the same period in 2017 where occupancy averaged just below 40 per cent.
"Looking at the increase in listings in the last nine years, we can see a meteoric rise from just two in 2010 to 5,009 by December 2018 which has resulted in Airbnb's market value growing exponentially to over $101 million as at the end of last year," said Ivana Gazivoda Vucinic, head of Advisory and Research, Chestertons Mena.
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