Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in United Arab Emirates is experiencing a surge in popularity among tourists and travelers.
Customer preferences: Travelers in the United Arab Emirates are increasingly seeking unique and personalized accommodation options that offer a more authentic experience compared to traditional hotels. The demand for vacation rentals is being driven by preferences for spacious and private accommodations, especially among families and group travelers. Additionally, the flexibility and cost-effectiveness of vacation rentals are appealing to budget-conscious travelers.
Trends in the market: One notable trend in the Vacation Rentals market in the United Arab Emirates is the growing popularity of luxury villas and beachfront properties. Tourists are willing to pay a premium for high-end vacation rentals that offer exclusive amenities and stunning views. Another trend is the rise of digital platforms and online marketplaces that connect travelers with a wide range of vacation rental options, making it easier for them to find the perfect accommodation for their stay.
Local special circumstances: The United Arab Emirates is known for its luxury tourism offerings, and this reputation extends to the vacation rental market. Many vacation rentals in the UAE cater to high-end clientele looking for upscale amenities and services. Additionally, the diverse landscape of the country, which includes bustling cities, pristine beaches, and desert oases, provides a wide variety of vacation rental options to suit different preferences and travel styles.
Underlying macroeconomic factors: The growth of the Vacation Rentals market in the United Arab Emirates is also influenced by macroeconomic factors such as government initiatives to boost tourism and foreign investment in the country. The UAE's strategic location as a global travel hub and its world-class infrastructure make it an attractive destination for both leisure and business travelers, driving demand for vacation rentals. Additionally, the country's stable economy and increasing focus on tourism diversification contribute to the positive outlook for the vacation rental market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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