Gallery Suites, a subsidiary of the UAE-based investment company IBC Group, has revealed plans for a big push into Dubai’s short-term rental market, focusing on the luxury segment across key locations. With demand expected to increase leading up to the Expo 2020 Dubai next year, the company said it is providing an easy platform for homeowners and property investors in Dubai to jump into the short-term rental market.
“As a Dubai-approved licensed operator, Gallery Suites facilitates the licensing process of your property and ensures that it receives the proper classifications from the Dubai Tourism and Commerce Marketing Department (DTCM),” said Khurram Shroff, executive chairman of Gallery Suites.
The company also provides a full range of value-added services for landlords, including furnishing, marketing, sales and customer service, property management, social media and networking. Gallery Suites also offers big potential for returns by employing an advanced and efficient management system.
“A more streamlined process reduces our overhead costs,” said Abdul Kareem, operations manager of Gallery Suites. “We pass on that savings to our clients. We charge 25 per cent of our bookings, far below the industry standard of 30-50 per cent. There are also no hidden fees.”
For guests, the company provides additional concierge services, including maid service, butler service, private chefs, babysitting services, booking excursions and car rental assistance.
As part of its expansion plan in Dubai, Gallery Suites will furnish and manage up to 10,000 premier holiday homes with a total investment reaching Dh18 billion.
“Dubai remains very attractive for investors, with rental yields reaching more than 7 per cent on average,” said Rajab Ali Virani, finance manager of Gallery Suites. Virani adds that the yields in Dubai compare favourably with other major cities, including New York (2.9 per cent), London (2.7 per cent), Singapore (2.5 per cent) and Hong Kong (2.4 per cent).
For those new in the short-term rental market, Shroff said the company provides turn-key furnishing solutions that include complimentary interior design services. “We furnish our properties adhering to the highest standards of comfort and convenience for our guests, while making sure it is cost-effective to the property owner,” said Shroff.