Dubai: Dubai-based Short Stay Vacation Homes Rental raised over Dh7.2 million from SK Group.
Short Stay will channel the funds to fuel expansion in Dubai, acquiring more properties and strengthening its workforce. The company intends to scale its network of properties to over 500 by the end of 2022.
Founded in 2017, Short Stay manages privately owned apartments and allowing guests to rent these properties on short-term leases. It generates bookings for the properties via direct channels, corporate partnerships and third-party booking platforms. The rental management company currently manages over 75 properties in Downtown, JBR, JLT, Dubai Marina and other key neighbourhoods.
“Dubai’s short-term rental market has seen double digit growth and with Expo, we only expect it to rise further,” said Jugal Khushalani, founder of Short Stay. “In addition to increased occupancy, the average length of stays has also steadily increased since December 2020.”