Dubai-based Samana Group has launched ‘Samana Holidays’, a new entity that will allow homeowners and end-users of its real estate entity, Samana Developers, to rent apartments on a short-term basis.
The short-term rental option will boost the rental income of homeowners from 8 percent to 15 percent as soon as their apartment is booked on Airbnb, Imran Farooq, CEO of Samana Holidays, said in a statement.
The new entity 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 the FIFA World Cup.
These units will likely generate 38 million UAE dirhams ($10.35 million) in revenue by second quarter 2023, the statement said, adding that a 30 percent surge in Dubai holiday homes is expected after the UAE removed Covid-19 restrictions, leading to an influx of tourists.
Imran Farooq, CEO of Samana Holidays, said that converting units from long-term to short-term is a perfect proposition for buyers and tourists.
“The serviced apartments at Samana Holidays will substantially reduce the per-night rate compared to the rate at hotels in Dubai,” he stated.
Samana Holidays is the first step towards the launch of the Group’s hospitality business, the statement said, adding that a series of 5-star hotel projects will be launched in Dubai by the third quarter of 2023.
(Writing by P Deol; Editing by Anoop Menon)