FOREWORD
The recovery has begun.
Q3 2026 was the quarter the market turned. Dubai welcomed 869,000 international overnight visitors in August, the strongest month since February, in what is normally the quietest month of the year. Hotel occupancy reached 66 per cent, from 36 per cent in March. Arabian Travel Market opened in September, and European carriers have announced returns for the last week of October.
The numbers followed. Citywide revenue per available night was 15 per cent below last year in Q3. In Q2 the gap was 46.5 per cent. Occupancy was 56.0 per cent against 64.9 per cent a year earlier, and guests stayed 6 nights across the market, 2 more than last year.
Across our Dubai portfolio, occupancy was 85.8 per cent on 615 homes, 7.5 points above Q3 2025 and 29.8 points above the market. Across the UAE-wide portfolio, guests stayed 13.3 nights on average. Monthly stays were 56.1 per cent of portfolio nights, down from 69.4 per cent in Q2, as tourists took a larger share again. A portfolio that fills from residents and tourists at once is more resilient than it was a year ago.
Supply adjusted with demand. Active listings in Dubai are 11.4 per cent below January. Every home that stayed in the market enters the winter with fewer competing listings than at the start of the year.
This edition adds a forward view. What is already booked for the fourth quarter, against the same date last year, starts on page 18.
Luis Santos & Rohollah Rohparwar · Co-Founders
CONTENTS
Inside this issue.
01Executive DashboardEight headline indicators03
02PerformanceADR, occupancy, RevPAR, 24-month rhythm04
03Supply & DemandInventory, guests, tourism arrivals07
04Submarket AtlasSubmarket metrics, mapped and ranked11
05Q3 Market CatalystsThe quarter’s dated announcements15
06Q4 OutlookWhat is already booked for the fourth quarter17
AAppendix · MethodologyDefinitions, validation, source coverage20
