UAE: Emirati developer and real estate asset manager Sultan bin Ali Al Owais have announced a short-term rental division.
This is coming in advance of Dubai’s Expo 2020, which has driven significant hospitality development over the past year.
The company, which has previously focused exclusively on the long-term rental market and manages a portfolio of over 2000 properties, has been slowly acquiring new rental properties. The new division will comprise 250 units, with all properties located within close proximity of the Expo 2020 site.
Haleema Al Owais, business division leader said: “Coming from a heritage of real estate development where we build for the purpose of renting out, our principal audience is predominantly made up of expats looking for long-term rentals. However with the expected influx of people coming into the UAE, this number will only go higher considering the Expo2020.”
She added: “Every market and metropolis has an appetite for different kinds and classes of projects, and if the mix of developments between, luxury or high-end, mid market, and affordable housing is in sync with the population it is designed to cater, the UAE demand will always have the potential to match its supply if not exceed it.”
The firm has been looking to expand into this market, and has been acquiring properties for the past two years. It has followed the path of other Emirati development firms investing in the area in anticipation of increased demand.
Bookings on Airbnb’s website surged over the summer due to Staycations planned by UAE citizens. The Dubai Tourism Authority, in response to the rise, has issued extra guidelines for the holiday homes sector, regulating its future.