Downtown, the darling of short-term rentals

Downtown is the darling of the short-term rentals market, says Mahwussh Alam, whose brokerage company One Perfect Stay has maintained a steady 90 percent occupancy in Downtown and the neighboring central areas of DIFC and Business Bay. From corporate travelers to families and executives calling it home for a few months, occupancy hardly flutters here, she says.

“Out of 100 leads we receive each day inquiring about short-term rentals, 75 of them are looking for a place in DIFC or Downtown. The reason is simple: these areas enjoy a great location and are easily accessible from all parts of the city. Fifty percent of the tenants in these areas are short-term clients who are either corporate travelers calling Dubai home for a few months or families preferring to be near the Dubai Mall as it has everything to offer. Downtown never stops to shine,” Alam says.

The savvy resident

The audience in Downtown and DIFC can be classified into travelers, businesspersons, and families and now there is a new variant in the segment, the “savvy resident” who likes to keep the risk exposure minimum and does not wish to lock the upfront money on deposits and commission. “The pay-as-you-go residents are our biggest clients these days,” adds Alam.

DIFC holds its value as it is the most sought-after pocket of Downtown Dubai where the biggest share is taken by corporate executives staying for an average of three to six months. Besides Downtown and DIFC, Business Bay also has a great inventory of homes from studios to large penthouses. “When it comes to a home that gets handpicked by the guest, there are key differentiators such as the floor level, interiors, view, and finishing of the unit,” explains Alam. The demand for well-maintained holiday homes or short-term rentals led Alam to start her second start-up, One Perfect Space, which looks into renovating first-generation buildings, which need a facelift and a refreshed look.

Anna Skigin, CEO of Frank Porter, says staying in a short-term let is significantly better for a family, than staying at a hotel. “The benefits have been amplified over the past year as well, with hotels introducing more and more restrictions on their offerings for families. Anyone traveling with kids is well aware of the difficulties, from not having enough space to timing meals or washing clothes. Short-term accommodation eliminates these problems and many more.” Short-term rentals usually have well-equipped kitchens where families can cook their meals at any time of the day, making it convenient for a family on different schedules. This also means serious savings, if and when you need it. “The really great thing about short-term lets is having more space. You can get a large two-bedroom for two adults and two kids, with everyone having their own area, yet staying together. This also means multiple bathrooms! Booking a hotel usually means booking two rooms or paying above and beyond for multiroom suites. The larger the family, the more space is needed and valued at a holiday home,” says Skigin.

Source: Gulf News