Dubai property broker eyes $270m timeshare assets

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Offline TimeshareTalk

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Dubai property broker eyes $270m timeshare assets
« on: May 11, 2018, 19:03:10 »
Dubai-based real estate broker fäm Properties has announced plans to grow its total assets under holiday home management to AED1 billion ($270 million) between City Walk, Downtown and Dubai Marina by the end of this year.

The company currently has signed up assets of more than AED300 million under its holiday homes licence from the Department of Tourism and Commerce Marketing (DTCM), it said in a statement.

Earlier this month, DTCM launched a plan to develop a timeshare market in Dubai to help broaden the tourism sector.

Firas Al Msaddi, CEO of fäm Properties, said it is the latest in a series of government measures which are boosting Dubai real estate by increasing rental revenue for landlords and attracting new investors.

“Although the long-term occupancy trend remains healthy in Dubai, it has slowed down in the past two years due to the massive supply of properties,” he said. “By embracing the concept of holiday homes and introducing legislation, the government has created a new revenue stream for landlords. They can have tourists as tenants for the first time and this increases occupancy rates.”

http://www.arabianbusiness.com/news/395508-dubai-broker-eyes-270m-timeshare-assets [nofollow]