In recent news, the Gulf Cooperation Council (GCC) member states have given the green light to a unified tourist visa, similar to the widely-known Schengen visa. This can surge the demand of short-term rentals in the UAE.
Following approval from the Gulf state interior ministers in Oman, the new GCC tourist visa is anticipated to create job opportunities in travel, tourism, and aviation sectors across the region. The decision involves exploring a unified tourist route connecting all six countries, benefitting foreign tourists with stays exceeding 30 days. Additionally, the UAE’s Emirates Tourism Council plans to craft a local tourism route encompassing all seven emirates.
With 837 tourist sites outlined in the GCC’s 2030 strategy, the UAE leads the pack with 399 sites, hosting the most events and activities (73 out of 224) in the Gulf region.
Tourism leaders are hopeful that the new shared visa will bring the same success enjoyed by Schengen countries, giving a boost to the economies of the UAE and nearby nations. Predictions point to the short-term rental market in the UAE, especially in Dubai, as the big winner because of its many choices for visitors.
Dubizzle, a classifieds website, reports a 25% increase in short-term rental listings in 2023, with Dubai specifically experiencing a 26% rise. This aligns with Dubai Tourism’s data showing a significant uptick in visitors from January to September 2023, reaching 12.4 million compared to 7.08 million in 2022.
Experts predict intensified competition and adjusted pricing strategies in the short-term rental market. Fibha Ahmed, sales director at dubizzle, welcomes the unified GCC tourist visa, foreseeing more even distribution of tourists across the UAE.
The CEO of Springfield Properties, Farooq Syed, echoes this sentiment, anticipating a surge in short-term rental demand. Syed emphasizes the appeal of short-term rentals for tourists seeking a “home away from home” experience. With the convenience of the GCC tourist visa, he predicts property owners can adjust rates, potentially leading to higher investment returns.
Overall, the unified GCC tourist visa is poised to reshape the tourism landscape, making short-term rentals a preferred choice for a diverse range of travelers visiting the UAE.
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