1. New Entity is the first step towards entering Dubai’s hospitality business.
2. The company plans to bring a series of 5-star hotel projects by Q3 2023 – Imran Farooq, CEO said
3. Samana Holidays will initially target 500 units and convert them into holiday homes.
4. The converted units are expected to generate Dh38 million in revenue in seven months.
(DUBAI): 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.
Samana Holidays & Airbnb
Samana Holidays has signed a long-term contract with Airbnb - an online marketplace for short-term homestays. Samana Holidays says the buyers do not have to worry about the lengthy documentation process – offline and online - to convert their units as time is money. They will simply sign a single document with Samana Holidays in just 10 minutes. In the next 5 days, their apartments will be transformed into fully furnished units, and will go up live on Airbnb giving tourist’s a larger variety of choice.
Managed Units at Samana Holidays
The company takes care of the rest of the process such as the furnishing, finding customers, finalizing rental deals, bringing tenants on board and the apartment maintenance.
“Samana Group is a customer-centric organisation. The very purpose of launching Samana Holidays is to give our real estate buyers an edge through rental income and increase yield. We have simplified the process for buyers by filling out a single form, converting the unit from long-term investment to short-term income. The same can be applied and paid online and customer units can go live for the short-term option in just five working days, “, Imran said.
Key Features of Samana Holidays Properties
Samana Holidays apartments are fully furnished and serviced. The projects offer resort style living being perfect for Airbnb with leisure decks, common swimming pools for adults and kids, private pools, special water features, a yoga zone, open cinema, a juice bar, green areas, indoor and outdoor gyms, a health club with steam and sauna facilities and 24-hour security. Samana Holiday units are a short drive away from the major tourist attractions of Dubai.
Samana Holidays to Bring 5-Star Properties in 2023
The group revealed that Samana Holidays is the first step towards the hospitality business. The company plans to bring a series of 5-star hotel projects to Dubai by Q3 2023.
“In the current environment, customers prefer to switch to short terms as rents are continuously rising and resale prices are going higher each month in Dubai. Therefore, it is a perfect time to cash in.”, Imran concluded.
© Press Release 2023
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