Mubasher: Revenues for properties listed on Airbnb in Dubai registered a surge of 69% in 2018 when compared to 2017, according to the latest report by Chestertons MENA.     

The online community marketplace recorded a growth of more than $101 million as registered on 31 December 2018, the leading international real estate services firm said.

“Active listings had increased by 26% to 5,009 units compared with 2017 during which 3,987 units had been listed and increased by a whopping 81% 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 noted.

Average occupancy levels increased to reach 65% during Dubai’s peak season in March 2018, backed by high demand, when compared to the corresponding period in 2017 when occupancy levels were at 50%.

“During the low season months of June, July and August 2018, occupancy averaged 49% which was higher than the same period in 2017 where occupancy averaged just below 40%,” Chestertons MENA added.

Head of advisory and research at Chestertons MENA Ivana Gazivoda Vucinic, commented, “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 US$101 million as at the end of last year.”