Russian Real Estate Firm Plans To Open 1st Co-Living Hotel In UAE In October

(@FahadShabbir)

Russian Real Estate Firm Plans to Open 1st Co-Living Hotel in UAE in October

Becar Asset Management Group, a real estate company based in Russia, is planning to open the UAE's first co-living hotel, You&Co, in October in the city of Dubai, the group's president, Alexander Sharapov, said

MOSCOW (UrduPoint News / Sputnik - 07th April, 2021) Becar Asset Management Group, a real estate company based in Russia, is planning to open the UAE's first co-living hotel, You&Co, in October in the city of Dubai, the group's president, Alexander Sharapov, said.

The co-living property market is developing rapidly in the Gulf state, Sharapov said, adding that a number of projects are currently being implemented, including six hotels in Dubai. Among constructors, there are companies owned by the UAE's royal families.

"In many ways, the industry formation was facilitated by 2016 tax changes, thanks to which young specialists and entrepreneurs started massively coming to the country. Apart from that, the authorities developed last year special programs aimed at attracting freelancers and remote workers, mainly those working in the digital area, to the country," Sharapov told reporters.

The Becar chief said that the hotel, which is under construction in Dubai Production City, is a complex of three 9-storey buildings on a single platform. The area is estimated at 17,000 square meters (around 183,000 square feet) and include 252 units. Total value of investments in the project is over $30 million, including cost of the land plot.

Sharapov said the group has teamed up with Dubai-based SOL Properties Development, which has been operating there for over 20 years, and in India for over 40 years.