Owners of furnished apartments in the Eastern Province have made all the necessary preparations and arrangements to receive holidaymakers during Eid Al-Adha. The five-day Eid holiday which officially begins today is a peak season characterized by an increase in rentals, and landlords are expected to generate revenues in excess of SR200 million. Experts in the field said rents of furnished flats during Eid increase between 50 to 70 percent with new rates applying to all customers from the very first day in Eid. They indicated that the increase in the rents continues until the fifth day of the Eid holidays, and then drops immediately after the Eid, noting that the rent of a one-room apartment jumps from SR350 to SR450 while the rent of a two-room apartment increases to SR770 from SR500 in the low season. Experts estimate that owners of the furnished apartments generate an income ranging between SR120 million to SR200 million, noting that a statistical study showed that in the week of the Eid families on average spend SR2,000 to SR3,500. They said rents reach astronomical figures during Eid sometimes increasing by 300 percent due to high demand for furnished apartments by holidaymakers who come from different parts of the Kingdom and neighboring GCC countries. Atta Abdulrahman said many families spend the first day of the Eid exchanging visits with relatives and friends, and thus the arrival of visitors to the Eastern region starts on the second day, pointing out that reservations begin from the 7th of Dhul Hijja three days before Eid. He said the increase in the rate of rentals is a normal process during Eid as it is governed by the economic principle of supply and demand, noting that landlords look at the Eid holidays as a peak season to compensate them for their losses in the low season. Meanwhile, Osman Mustafa, who has been in the business for decades, hoped that the region would not be hit by a wave of cold weather as this would make many families stay indoors, pointing out that many Saudi families prefer to stay in flats near recreational facilities, tourist sites, and the seashore. He said furnished apartments in the heart of the city serve as a second choice for holidaymakers.
