Airbnb revenues up 421% in Dubai, reaches $3.3 million

A special report by Chestertons MENA focussing on Airbnb highlighted the growth and popularity of the online platform with investors and holiday makers in Dubai since 2015. Revenues for properties listed on the online hospitality platform during August 2015 and August 2017 increased by 421% to top US$3.3million, with listings nearly tripling to 3,249, as released by a special market report by Chestertons MENA, a leading international property agency.
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. “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.