Expo 2020 & FIFA World Cup Contribute To Dubai Rent Hikes

BY Realty+

Rents have risen up to 25 percent in recent months, according to Dubai’s property experts. And massive events in the region have added to the spike in rent prices. With the huge world event Expo 2020 Dubai running from last October to March, and the FIFA World Cup on the horizon, the UAE has seen a surge in interest – which has impacted rent.

Dubai property experts have said that they’ve seen rents rise up to 25 percent in some areas since Expo 2020 Dubai. And with the upcoming FIFA World Cup in Qatar kicking off on November 20, all this attention means rents are increasing.

Liam Dawett, Business Bay Leasing Manager at Betterhomes says, “Expo brought a lot of excitement into Dubai. Since Expo, we have seen an increase in residents and a rise in demand, with rental prices going up 20 to 25 percent in certain areas.” He adds that the World Cup will only increase this. “It is next to impossible to book a hotel in Qatar at the moment, so owners have decided to capitalise on this here in Dubai to accommodate short-term rentals.” 

Scott Bond, UAE Country Manager at Property Finder, agrees, saying that Dubai has been positioned as the ideal location for fans. “During the World Cup, Dubai may anticipate a sharp increase in short-term and vacation rentals. Actually, inquiries are already increasing. Due to this, the cost of holiday homes has increased, making it a high season with an occupancy rate predicted to exceed 100 percent and a rate increase of 20 percent.” “Plus, FlyDubai plans to run 30 daily round-trip flights between Dubai and Doha, which will result in a huge uptick in the travel and tourism industry throughout the GCC region, particularly in the UAE.” They all agree that this is leading to more short-term rental contracts, which look set to go up as the year continues.

“There is a certain higher demand for renting anywhere between two weeks to three months,” says Helen Tatham, Head of Prime Residential Dubai at Savills Middle East. “Plus, the increased number of visitors over the last quarter of 2022 will further strain supply and so the ripple effect will likely cause annual rental prices to increase in the short term.”

The final months of the year are always the busiest for real estate with everyone back after the summer and schools up and running, too. Although without any certainty about how the market will look like, Dubai’s rental market will remain tenant-friendly and the demand for villas and apartments will sustain its upward trajectory.

Tags : rents rise Dubai property experts Expo 2020 FIFA World Cup Liam Dawett Business Bay Leasing Manager Betterhomes Scott Bond UAE Country Manager Property Finder Helen Tatham Head of Prime Residential Dubai Savills Middle East