Dubai Asset Management, the owner and manager of one of the city’s largest portfolios of rental residential communities, has announced its foray into the short-term rental market through its partnership with HiGuests.
The Dubai-based start-up specialises in managing short-term property rentals.
Lately, Dubai has seen a high uptake in holiday home rentals, driven mainly by a new legislative environment and a growing need for flexibility and choice, a statement said.
A recent report revealed that holiday homes in Dubai account for two percent of the total number of households – the highest proportion of all key global hub cities.
As the emirate gears up to welcome over 17 million international visitors to Expo 2020 and targets 25 million visitors by 2025, the demand for short-term rentals is on the rise, it added.
Arif Mubarak, CEO of Dubai Asset Management, said: “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.”
Oriol Plana Masiques, co-founder and chief happiness officer of HiGuests, added: “We are pleased to partner with Dubai Asset Management to expand our footprint in Dubai with units that boast all the mod cons 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.”
HiGuests manages 40 units in Dubai Wharf, a luxury mixed-use development in Jaddaf Waterfront and in Q1 secured 600 bookings for the units, with over 2,000 guests staying at the properties, exceeding 70 percent occupancy.
HiGuests manages more than 200 properties in the city in prime locations, such as Dubai Marina, Downtown Dubai, the Palm Jumeirah and the Dubai International Financial Centre (DIFC). It also operates in other key short-term rental markets, including Barcelona and Mumbai.
Dubai Asset Management owns and manages a portfolio of residential units for rent across 10 communities, ranging from staff accommodation through to upscale villa communities.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.