A new platform in the UAE, Bidbayt, is changing the way luxury properties are rented. By introducing a bidding system, the platform offers a fresh approach to securing high-end properties. Currently in its soft launch, Bidbayt focuses on properties in high-demand areas such as Palm Jumeirah, Jumeirah, and DIFC.
The platform is designed to allow the highest bidder to rent luxury homes, offices, and warehouses. Khaled Yaser Mir Abdullah Amiri, the CEO and co-founder of Bidbayt, explained, “There are many premium properties where renters are willing to pay above the market price. Our platform gives them the chance to bid for these properties.”
Bidbayt was co-founded by Amiri, Abdulla Ahmed Majjan, and Abdullah bin Saad bin Ghoneim. Each founder brings valuable expertise in finance, corporate law, and governance. The team claims that Bidbayt can increase rental income by 20% and cut down the time to lease a property by 30%.
The platform has already gained traction, with listings totaling over Dh100 million. The demand for properties in prime locations like Palm Jumeirah and DIFC is particularly high. “The interest has been overwhelming, and we are excited to have such a variety of listings,” said Khaled.
The idea for Bidbayt came from Khaled’s personal experience. He faced a pricing dilemma while renting his townhouses in Al Barsha. One property rented for Dh400,000, while the other went for Dh500,000. This led him to wonder if an auction system could solve pricing challenges. “That’s when the idea for an auction-based rental system was born,” he said.
Bidbayt’s app, supported by the Mohammed Bin Rashid Establishment for SME Development (Dubai SME), has already been recognized as one of Dubai’s top 10 proptech companies. The team has also been in talks with several government agencies to replace traditional in-person auctions with the app.
Listing properties on Bidbayt is simple. Landlords register and block a small amount on their credit cards. “The process is straightforward, and we want to make it accessible to everyone,” Khaled said. During the soft launch phase, listings are free for landlords and agencies. After three months, a fee of Dh299 per listing will be charged. The platform takes a 0.5% commission fee on completed rental agreements and a Dh100 fee for winning bids.
Despite facing challenges in app development, the team took their time to ensure a quality product.
