Emaar properties has introduced its own digital platform while entering the holiday home market. Emaar’s digital platform has made short-term rental of its thousands of properties easy.
According to Mohamed Alabbar, chairman of Emaar, short-term rental is a giant business. He believes that the middle-east is just at the beginning. So, short-stay companies in Dubai can cause growth for Emaar.
Emaar’s digital platform is called “Ease by Emaar”. In fact, it is the first in the UAE providing management services. In addition, it provides the investors with different degrees of returns of the investments. However, it should be said that these returns depend on property’s type and location.
The market of holiday home makes 2 percent of Dubai’s total households. This proportion is the highest of all other important global hub cities.
Among those listings registered on Airbnb platform, there are 10,766 active properties in 2018 out of 20,395. Also, it should be said that the number of listings has showed an increase in recent years. Actually, total active listings had a growth of 161 percent since 2016. To be more precise, homes and apartments accounted for 61 percent of properties. 31 percent of the properties were private rooms and the rest of properties were shared rooms.
With Ease by Emaar, travelers will be able to choose their desired properties positioned at Emaar’s integrated communities. The communities offer 73 gyms, 12 spas, 31 kids clubs, 172 swimming pools and 6 business centers.
As well as these, guests will enjoy hotel-grade housekeeping and a digital mobile concierge. Besides, they will be offered on-demand home devices of Google like Chromecast. ‘Ease Pass’ also offers discounts to major attractions of the city.
The first listing on Ease by Emaar is South Beach which is part of new Beach Front development of Emaar. South Beach offers 1 to 3 bedroom fully-furnished apartments, Emaar said in a statement.
In addition, there will be management services for investors in exchange for the fees. The services include government licensing, property setup, guest hosting, reservations management, and maintenance.
Moreover, the services offer distribution of offers in over 50 platforms such as Airbnb, Booking.com, Expedia and Agoda, according to Emaar’s statement.
The move by Emaar will benefit investors through opening a new avenue of income. These investors are those facing a decline in rental income in the past few quarters. The decline in incomes is mainly because the property market of Dubai has been affected by slowing global economy.
The decline in the property market of Dubai has been due to slump in oil price and oversupply in the market. However, analysts predict a recovery because of the initiatives of government. These initiatives include long-term visa for investors, Expo 2020 and changes in property laws of Abu Dhabi.
It is interesting to note that Dubai has formed a committee called “Higher Committee for Real Estate Planning”. The goal has been to decrease the challenge of oversupply in the Emirate’s real estate market.