Dubai-based Samana Group, the holding company of Samana Developers, today launched ‘Samana Holidays’, a new entity which will allow homeowners and end-users of its real estate entity, Samana Developers, to rent apartments on a short-term basis, boosting investor returns.
Samana Holidays will initially target 500 units and convert them into holiday homes (serviced apartments) for short-term rentals to allow tourists, visitors, holiday-makers and layovers for fans of FIFA World Cup. Five hundred (500) units of Samana Holidays are expected to generate Dh38 million in revenue over the next seven months – by Q2 2023. It is therefore a new benefit to Samana Developers’ buyers and end-users.
The rise in the holiday-home market in Dubai is factored around the investment season which includes: the November-April peak tourist season, long-term visas, Dubai being the favourite trading hub for international businesses, UAE’s excellent handling of the Covid-19 pandemic, being a safe haven and availability of a large number of luxury inventory for tourists.
With the UAE lifting Covid-19 restrictions we are seeing an influx of tourists flying in the country which is expected to give a 30% surge in Dubai holiday homes.
Imran Farooq, CEO of Samana Holidays, said: “The resort-style designs and features at Samana Developers’ projects are well received by buyers, especially for those who plan to rent their units to tourists. Converting units from long-term to short-term is a perfect proposition for buyers as well as for tourists.
“The serviced apartments at Samana Holidays will substantially reduce the per-night rate as compared to the rate at hotels in Dubai”, he said.
“Samana Holidays’ short-term rental option will boost the rental income of home owners from 8% to 15%, a straightforward 7% increase in rental returns as soon as their apartment is booked on Airbnb,”, he added.
