Vacation property sector in Dubai valued over US$100 million
Dubai, United Arab Emirates -: Nasma Luxury Stays, a division of Al Tamimi Investments, and a specialist in the executive and vacation rentals sector, has opened its portfolio to support investors and property owners seeking to maximise return on their secondary property assets.
With the vacation and short-term property rental market growing substantially, Nasma Luxury Stays has redefined their business model to ensure that property owners get the maximum return on their investment, while having the flexibility to use their second home for their own purposes, and at their convenience.
According to AirDNA, a short-term rental data and analytics provider, the industry, both in Dubai and across the wider region is still growing, with Dubai rentals securing as much as US$220 on an average daily rate, and accounting for around 54% occupancy. While real estate agency, Knight Frank, states that Dubai’s holiday home market accounts for 2.0% of Dubai’s total households, the highest proportion of all other key global hub cities.
Initially founded in 2015 to manage the property assets of Al Tamimi Investments, the division has established a range of partnerships with luxury suppliers and service providers that ensures guests experience the service levels of a five-star hotel, combined with the discretion of a private home.
Cristina Butcaru, General Manager of Nasma Luxury Stays said, “The market provides a wealth of competition for licensed holiday homes, but our focus is on experience and quality. When it comes to selecting the homes in our portfolio, we are always looking for luxe accommodations that match with the five-star offering available, while being able to provide a personalised experience supported by quality partners and suppliers.”
With a carefully curated portfolio of 26 properties and having established a wealth of relationships to best support the business model, Nasma Luxury Stays is looking to expand that to more than 80 residences by the end of the year, ranging from studio, one and two-bedroom apartments to five-bedroom villas and houses. Each of the fully equipped homes is managed end-to-end, with guaranteed property protection, to yield higher revenue for owners, all with complete transparency.
The team at Nasma Luxury Stays provides a full suite of services to owners, ensuring that properties are professionally maintained and serviced. The company’s experts also provide the best advice on seasonal rates and ancillary support such as legal and licensing. With a full team on the ground, and a wealth of local knowledge to draw on, owners whether based in the UAE, or other international markets, can benefit from the collective expertise from Nasma Luxury Stays.
Dubai continues to focus on the development of the holiday homes sector, which is seen as crucial to the wider growth and diversification of the tourism sector. In early 2020, the Department of Tourism and Commerce Marketing updated its guidelines for the holiday homes sector to boost competition through safe and transparent operations and enhance its contribution to its wider strategy.
Discussing the wider importance of the holiday homes sector, Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing, recently said: “Holiday homes have become an integral part of Dubai’s overall tourism industry. With changing patterns and trends, travellers are always looking for alternative means of accommodation, and this has been accelerated by the recent global pandemic. As with the entire sector and all tourism touchpoints, we have implemented new policies and procedures, along with inspections, to ensure we can meet the demand for holiday homes, and make every single individual feel safe within these properties.
“As the UAE forges ahead with its vaccination drive and Dubai maintains its global leadership in reopening to international tourists, we expect to be in a position to meet the strong demand from prospective travellers as they make their holiday plans. And with events such as Expo 2020 Dubai and celebration of the UAE’s 50th anniversary coming up, holiday homes will play an important role in giving our visitors the choices they expect.”
Being locally-owned and operated means that owners get real time market information, access to a broad range of support services and added benefits from tried and tested partners. Nasma Luxury Stays offer complete transparency, where investors/owners can monitor the number of bookings and revenue generated by their property.
“Our team consists of hospitality and property specialists, so that we can draw on their strengths to ensure that the owners and guests who use Nasma Luxury Stays are assured of quality and peace of mind. We have made it so that owners can continue to use the property as a holiday home for themselves, while being able to add it to our portfolio when they do not require it, meaning that the asset is making an additional revenue stream; this flexibility, and our on-ground services ensure that the home is always ready to use, whether by a guest or the owner,” added Butcaru.
Nasma Luxury Stays property portfolio features homes in Dubai’s premier locations including Dubai International Financial Centre, Business Bay, Downtown Dubai, City Walk, Dubai Marina, Jumeirah Beach Residence and Palm Jumeirah. The company also manages properties in vibrant lifestyle destinations such as Bluewaters Island.