UAE-based real estate developer and asset management company Sultan bin Ali Al Owais said it has estabished a ‘short term rental’ division to cater to the anticipated demand during the Dubai Expo 2020.
The Emirati company, which has offices in Dubai and Sharjah, specifically develops properties to rent, and owns and manages a portfolio of over 2,000 properties across the country.
The new division is being launched with 250 short term rental units and all properties are located within accessibility and proximity to the Expo 2020 site.
The move to expand to short term rentals comes in line with the world’s most anticipated event; the Dubai Expo, said a top official.
"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," remarked Haleema Al Owais.
However with the expected influx of people coming into the UAE based on the country’s economic and leisure offerings and this number will only go higher considering the Expo2020, said Al Owais.
"To elaborate on that further, every market and metropolis has a appetite for different kinds and classes of projects, and if the mix of developments between, luxury/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," she stated .
“We have been in the process of developing and acquiring assets with the vision of short term rentals for the past 2 years and are confident about the company’s new direction,” she added.-TradeArabia News Service