Dubai Asset Management forays into short-term rental market

Business Bureau, Gulf Today

The 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 startup specialises in managing short-term property rentals with the aim of offering added convenience to guests and hosts alike.

Lately, Dubai has seen a high uptake in holiday home rentals, driven mainly by a conducive legislative environment and a growing need for flexibility and choice as the city continues to attract global talent and consolidate its status as a premier tourist destination.

A recent report revealed that holiday homes in Dubai account for two per cent 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.

Speaking on the announcement, Arif Mubarak, Chief Executive Officer of Dubai Asset Management, said: “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.”

Oriol Plana Masiques, Co-founder and Chief Happiness Officer of HiGuests, said: “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. The fully furnished, spacious one-, two- and three-bedroom apartments overlooking the historic Dubai Creek are ideal for tourists seeking a convenient stay in close proximity to popular leisure, dining and entertainment spots in the city.

In Q1 2019, HiGuests secured 600 bookings for the Dubai Wharf units, with over 2,000 guests staying at the properties, exceeding 70 per cent occupancy. Visitors from the GCC region, Europe, the United States and China have utilised the company’s innovative platform that offers guests the same services they could expect to find in a five-star hotel.

HiGuests is one of the leading holiday home operators in Dubai. Established in 2016, the company 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). HiGuests also operates in other key short-term rental markets, including Barcelona and Mumbai. Properties managed by HiGuests generate up to 30 per cent more income than traditional rentals, owing to the company’s tech-driven operational model, revenue management expertise and daily dynamic pricing.

Dubai Asset Management owns and manages a differentiated portfolio of residential units for rent across 10 communities, ranging from staff accommodation through to upscale villa communities. Its self-contained developments include Shorooq, Ghoroob, Al Khail Gate, Layan, Nuzul, Al Quoz accommodation, Rahaba Residences, and rental homes in Remraam and Dubai Wharf.