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Dubai holiday home licence
requirements set to bolster tourism and
real-estate industries
: Sunday, December 22 - 2013 @ 07:22
A new law regulating Dubai’s holiday homes market is likely to
appreciably benefit two of its foremost industries – tourism and real
estate – and represents an important step towards achieving the
Dubai’s vision of attracting 20m annual visitors by the end of the
decade.
However, implementing a new programme, encompassing a tier of a new line of accommodations called
holiday homes, may face some immediate challenges that need to be overcome when introduced to the
market for the first time.
Eli Hyder, Managing Partner of Bond lawyers said, “Dubai is internationally renowned for setting world
class hospitality standards; the difference in the quality of its hotels compared to many other parts of
the world – including even advanced countries in Europe and North America – is easily perceptible.
Introducing a new line of products should help maintain such standards and continue to build on
Dubai’s excellent reputation.” Mr Hyder added, “Consumer rights, safety and relations between
homeowners and regulators will be key issues to be addressed at an early stage.”
The impact on tourism is expected to be significant. Dubai has already commenced a drive to increase
the range and supply of accommodation available to foreign visitors: most notably, in September,
DCTM announced the award of financial incentives to encourage the development of new three and
four star hotels. A robust regulatory framework governing holiday homes will considerably expand
tourist options, enabling foreign visitors to book such properties with complete confidence in the
rigorous criteria that govern their quality and management.
The real estate industry, meanwhile, will also look upon this law as a promising development. The
guarantee of quality encompassed in mandatory licencing is likely to improve market stability, while
owners of second homes will – bolstered by the ensuing growth in tourism – have a financially viable
short-term alternative to renting their properties on an annual basis.
For more information contact:
Farah Al obaidi
Account Manager
SAHARA Communications
Tel: +97143298996
Fax: +97143298995
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