UAE-based real estate developer and asset management firm, Sultan bin Ali Al Owais, has announced the establishment of a ‘short-term rental’ division that will cater to the anticipated demand during the Dubai Expo 2020.
The company – which specifically develops properties to rent, and owns and manages a portfolio of more than 2,000 properties across the UAE – is known for its emphasis on long-term rentals and retention of residential tenants exceeding 20 years.
The move to expand to short-term rentals comes in line with the world’s most anticipated event – the Dubai Expo.
The firm’s new division will comprise 250 short-term rental units, with all properties located within close proximity of the 4.38km2 Expo 2020 Dubai site.
Commenting on the launch of the division, Haleema Al Owais – who runs the family business – said: “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. However with the expected influx of people coming into the UAE, this number will only go higher considering the Expo2020.”
Al Owais added: “Every market and metropolis has an appetite for different kinds and classes of projects, and if the mix of developments between, luxury or 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.”
The real estate developer, which was established in 1972, has been in the process of developing and acquiring assets with the vision of short-term rentals for the past two years.
