UK-based Hideaways Club, a property investment fund for a portfolio of luxury villas and mansions around the world, is setting up a base in Dubai to target Middle East investors - the Gulf News is reporting.
According to Gulf News, membership prices for the fund range from $194,000 to $373,000 excluding annual fees and members can use over 58 million dollars worth of properties. The Hideaways Club has over 140 members and over the next three years is targeting 600 members targeting Middle East investors and global investors.
More details from Gulf News follows
Dubai UK-based Hideaways Club, a property investment fund for a portfolio of luxury villas and mansions around the world, is setting up a base in Dubai to target Middle East investors. A new sales and marketing operation will be established here for the GCC countries, a Hideaway spokesperson told Gulf News.
The business model of the Hideaways Club is to offer its investors an exclusive membership for the use of overseas holiday homes. The properties are fully maintained and serviced on behalf of the fund investors, and by buying a share in the fund investors automatically become members of The Hideaways Club.
"I've had a long relationship with the UAE and have always believed that The Hideaways Club would appeal to the unique demographics here," said Mike Balfour, chairman and co-founder of the Hideaways Club.
"There are many expats and nationals looking for sound investments that offer that something extra. We are very excited by the initial response we have had in the region and we see the Middle East as one of the fastest growing and most exciting destinations in which to launch the Club," he added.
Members of the club enjoy the use of over 45 multi-million euros in properties. The Hideaways Club is now the largest club of its kind in Europe with over 140 members, and over the next three years is targeting 600 members and 100 properties.
Current locations of properties in the company portfolio include Switzerland, France, Italy, Spain, Portugal, Majorca, Ibiza, Croatia, Morocco, South Africa, Mauritius, Bali and Phuket, with more coming online this year.
All club properties are primarily detached with an average value of around 1.5 to 2 million euros with some in excess of that.
Each home has an average floor space of more than 250 square metres with a minimum of four to five bedrooms, three bathrooms, private gardens and swimming pools where appropriate. Concierge service is provided.
Membership prices range from £245,000 (Dh1,33 million) to £127,500 (Dh714,000), with annual fees of between £7,000 and £14,000. Depending on the status, members can spend between two and six weeks in the club's properties.
The Hideaways Club has already entered a partnership with Etihad Airways to offer, among other amenities, bespoke travel fares and fine-dining options at lounges.
140 current Hideaways Club members
600 members targeted over next three years
100 club properties worldwide
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