Real Estate

Oyo expands to meet expat demand for Abu Dhabi flats

August 2, 2023, 4:04 AM

Ritesh Agarwal, seen at a SoftBank event in 2019, founded Oyo in 2013

Indian chain adding further 2,000 apartments
Furnished units will be in business districts and close to landmarks
Hospitality business points to success of initiatives such as Golden Visa

Indian hospitality chain Oyo is adding 2,000 apartments to its offering in Abu Dhabi as demand grows for expat housing.

The furnished units will be available for long-term rent and many will be located in business districts such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif.

Other apartments will be close to city landmarks such as the Sheikh Zayed Grand Mosque, the Emirates Palace, the Louvre and Ferrari World.

The company already has 750 apartments in the Khalifa City, Al Zeina and Al Raha neighbourhoods.

“We are excited about the opportunity to contribute to Abu Dhabi’s thriving startup ecosystem and expat community,” said Ankit Tandon, CEO Southeast Asia and Middle East at Oyo.

Oyo-branded hotels and homes, which use its tech platform to manage their bookings, can be found in 35 countries across Asia, Europe and the Middle East. The company was founded in 2013 by Ritesh Agarwal, who is now 29.

It is backed by the SoftBank Vision Fund, which counts the UAE’s Mubadala and Saudi Arabia’s Public Investment Fund among its investors.

The fund posted a loss of $32 billion in the year to the end of March after a sharp correction in the value of tech shares.

In Abu Dhabi, Oyo hopes to capitalise on growing demand created by companies moving operations to or opening branches in Abu Dhabi, as well as expats working in the startup sector.

The company said UAE government initiatives such as the Golden Visa had attracted tech companies including PolicyBazaar, DealShare and Momos.

Last year Abu Dhabi placed 9th in an Expat Insider survey for the top 10 cities for expats.

Abu Dhabi’s residential market recorded 2,487 sales transactions in the second quarter of 2023, according to research published by CBRE on Monday.

The sales figure was 101.1 percent higher than a year earlier.

Off-plan transactions increased by 167.9 percent while secondary market transactions rose by 14.8 percent.

Abu Dhabi’s real estate market registered a 363 percent increase in purchases by foreign buyers in the first half of 2023, said the Department of Municipalities and Transport.