Dubai’s Samana Group launches ‘Samana Holidays’

Initiative can boost homeowners’ year-on-year returns from 8% to 15%



A view of Samana's Miami project. Samana Holidays will initially target 500 units and convert them into holiday homes. - Supplied photo
A view of Samana's Miami project. Samana Holidays will initially target 500 units and convert them into holiday homes. - Supplied photo
by

A Staff Reporter

Published: Fri 25 Nov 2022, 2:57 PM

Dubai-based Samana Group, the holding company of Samana Developers, on Friday 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 the Fifa World Cup. 500 units of Samana Holidays are expected to generate Dh38 million in revenue over the next seven months.

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, there is a surge in the influx of tourists flying into the country which is expected to give a 30 per cent 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.

Imran Farooq, CEO of Samana Holidays. - Supplied photo
Imran Farooq, CEO of Samana Holidays. - Supplied photo

“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 per cent to 15 per cent , a straightforward 7 per cent 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. They will simply sign a single document with Samana Holidays. In the next 5 days, their apartments will be transformed into fully furnished units, and will go up live on Airbnb, giving tourists a larger variety of choice.

“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,” Farooq said.


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