A Dubai-based property management group led by Irish man Paul Mallee has raised $4 million (€3.3 million) to drive growth at the company.
This is the first round of private funding secured by Maison Prive, which was founded by Mr Mallee and his business partner, Rami Shamaa, in 2017. It is designed to help them scale the business.
At present, the company has $100 million (€82.7 million) worth of assets under management and hopes to manage 500 properties by 2020.
“This initial funding round recognises the potential of the business model we have built. It allows us to develop the infrastructure to support our scaling targets in the short run,” Mr Mallee, a former chairman of Bus Éireann, said.
“We are part of Dubai’s fast-diversifying hospitality segment, offering visitors luxury, space, flexibility and value while giving owners new revenue streams without the hassle of managing guests.
"Dubai is now the world's fourth most visited city. As leisure and business tourism grows, demand for our services will rise. That positions us for rapid growth in the years ahead," he added.
A change in the regulatory structure surrounding short-term letting in Dubai facilitated the opening of this business last year. Under Dubai law, people seeking to rent a property must have a employment visa.
Under Maison Prive’s model, families and corporate clients who plan medium-term stays in Dubai can now have access to apartment rental rather than staying in a hotel.
The company says it gives Dubai property owners the ability to earn between 30 and 40 per cent more revenue from their properties and, unlike other services such as Airbnb, Maison Prive manages all aspects of a guest’s stay from check-in to cleaning as well as 24/7 support.
“The fresh investment affords us the scope to accelerate growth, scaling our footprint across existing and new markets,” Mr Shamaa said.
Prices for properties managed by the company start from $100 for a studio apartment up to $700 a night for a three-bed apartment.