(MENAFN- Khaleej Times) Real estate developers and asset management company, Sultan bin Ali Al Owais, has announced the establishment of a 'Short Term Rental' division to cater to the anticipated demand during the Dubai Expo 2020.
The company that specifically develops properties to rent, and owns and manages a portfolio of over 2,000 properties across the UAE, is known for its emphasis on its long-term rental ethos and retention of residential tenants exceeding 20 years. The move to expand to short term rentals comes in line with the highly anticipated Dubai Expo event. The new division is being launched with 250 short term rental units and all properties are located within accessibility and proximity to the Expo 2020 site.
"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 based on the country's economic and leisure offerings and this number will only go higher considering the Expo2020. To elaborate on that further, every market and metropolis has a appetite for different kinds and classes of projects, and if the mix of developments between, luxury/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," said Haleema Al Owais, the group's business division leader.
"We have been in the process of developing and acquiring assets with the vision of short term rentals for the past 2 years and are confident about the company's new direction," she added.
Sultan Bin Ali Al Owais Real Estate was established in 1972 and has grown to become a prominent real estate company since. The company operates as a holistic conglomerate with all functions of rental real estate like facilities management and security under its own umbrella through its offices in Dubai and Sharjah.
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