UAE residents are earning up to 50 per cent more by renting out their houses as holiday homes, according to the spokesperson of a holiday home management company.
“People are making a substantial second income by renting out their houses,” said Shilpa Mahtani, the COO and co-founder of bnbme Holiday Homes by Hoteliers. “Depending on which area their house is in, an owner can earn anywhere between 10 and 50 per cent more than the traditional long-term rental. The biggest advantage is that once they start renting out their houses, homeowners can earn 25 percent more year on year, aided by positive reviews and our marketing.”
According to Mahtani, the holiday home market has grown leaps and bounds since the Covid pandemic.
“It is a global trend that is being reflected in the UAE, as well,” she said. “In our first quarter, we have seen a 2.8 times increase in business as compared to the same period last year. Growth has been tremendous. We are seeing almost 10-15 per cent increase in business every month. In fact, the demand for holiday homes has far exceeded what it was in the pre-pandemic era.”
“People have started to prefer staying in holiday homes as opposed to hotels for a number of reasons. This is especially true since the Covid pandemic. People prefer the space and luxury a holiday home provides rather than spending their time off in a cramped hotel room.”
By renting out their houses as holiday homes, people get an increase in value of their property, said Mahtani.
“In consultation with the home owner, we provide a complete furnishing solution to get their property up to the standards of our holiday homes,” she said. “We set it up with certain kinds of linen and bedding. We also put in place TV and internet packages. We then start marketing the property both online and offline. In addition to this, we take care of everything from guest relations to the laundry to cleaning and more. It is a completely hassle-free experience for the homeowner. Their property is much better maintained, it offers some level of flexibility and the owners don’t have the stress of finding tenants all year round.”
Shilpa credits the UAE for its handling of the Covid pandemic for the rise in demand for holiday homes and burgeoning tourism sector.
“The UAE has been incredible,” she said. “From the way they have handled the vaccine drive to the way they have opened up the country to tourists, several countries have a lot to learn from the UAE. It is one of the countries where people feel completely safe.”