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Holiday home operators in the UAE say they are in a “race to the bottom” to cut prices while the Iran war causes international tourism to nosedive.
Several operators told Skift that occupancy levels have plunged from near full capacity at the end of February to historic lows by March 23.
Vinayak Mahtani, CEO and co-founder of bnbme Holiday Homes, a Dubai-based vacation rental company which manages around 160 properties, said occupancy across his portfolio fell from 90% on February 28 to below 20% by mid-March.
Meanwhile, other operators report bookings nearly halving year-over-year, with pockets of growth coming from domestic travelers seeking out privacy and space, and UAE residents in search of lower-elevation properties.
Why This Matters Now
The Iran war is directly affecting all sectors of the UAE travel industry.
Steep discounting signals financial stress across the holiday home market.
Holiday home operators’ experien
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