Dubai: Dubai Asset Management has announced its venture into the short-term rental market space by partnering with leading holiday home operator HiGuests.
The Dubai-based startup and owner and manager of one of the city’s largest portfolios of rental residential communities, manages short-term rentals with the end goal to increase convenience for both hosts and guests respectively.
The firm’s self-contained developments include Shorooq, Ghoroob, Al Khail Gate, Layan, Nuzul, Al Quoz accommodation, Rahaba Residences, and there are additional rental homes in Remraam and Dubai Wharf.
The foray into the space coincides with the emirate preparing to welcome more than 17 million international visitors to next year’s Expo 2020. With the popularity and demand for short-term rental properties rapidly rising, it is targeting reaching 25 million overseas visitors by 2025.
Dubai Asset Management CEO Arif Mubarak told Trade Arabia: “Dubai Asset Management has established itself as one of the leading companies catering to the rental customer in Dubai. The partnership with HiGuests allows us to enhance our offering through meeting today’s short-term rental customers’ needs – a convenient stay in a contemporary high-quality property.”
Dubai Asset Management, a company of Dubai Holding, develops, acquires and manages a wide-ranging portfolio of communities that cater to travellers seeking short-term rental accommodation.
Co-founder and chief happiness officer of HiGuests, Oriol Plana Masiques, said: “We are pleased to partner with Dubai Asset Management to expand our footprint in the city with units that boast all the modern convenience and offer our guests seamless connectivity.
“With the tourism market on a continued upswing, we are confident that this collaboration will support our efforts to provide visitors with comfortable holiday home stays and enhance their experience of living in a busy metropolis,” he added.
HiGuests, which launched in 2016, operates more than 200 properties in some of Dubai’s prime touristic locations, such as Dubai Marina, Downtown Dubai, the Palm Jumeirah and the Dubai International Financial Centre (DIFC).
In addition, it manages 40 units in Dubai Wharf, a luxury mixed-use development in Jaddaf Waterfront. The fully furnished apartments overlook the historic Dubai Creek and are aimed at tourists seeking to stay in close proximity to areas for popular leisure, dining and entertainment.
In the first quarter of 2019, HiGuests said it had secured 600 bookings for the Dubai Wharf units, with more than 2,000 guests staying at the properties, which surpasses 70 per cent in occupancy rates.
The company said it also operates in other major global short-term rental markets, such as Barcelona and Mumbai.