New Decree Helps British Expatriate Property Investors In Dubai
Landlords in Dubai who desire to rent out properties they own on a short-term basis, will be able to take advantage of a new law issued by the Dubai Government. This news should definitely perk the ears of British Expatriate Property Investors. The new Government decree will enable property investors in the United Arab Emirates (UAE) to earn a little more money, simply by renting their homes as holiday lets.
The UAE have moved towards standardising their property market, and at the same time they are working on increasing tourist accommodation. With the region holding many international events like the 2020 World Expo, the Government will require much more accommodation for the large number of tourists who will be attending these events. Therefore, allowing and in turn encouraging holiday lets will be one of the quickest ways of expanding the market for the goals of the Government.
No hints on which zones will be part of the scheme, so keep your fingers crossed
Under the decree, a national register is required. Homeowners, including British Expatriate Property Investors looking to let out their investments, will be required to make sure their properties meet the minimum standards. Which means the properties must be furnished. Furthermore, under the decree, only properties in certain regions will be granted the new holiday home licence. At the moment no information has been released as to which neighbourhoods will be selected to take part in the scheme, or how much the licence will cost.
Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai and the Vice President of the UAE, stated that any property investor looking to rent their property out for a day, a week or month will have to apply for a licence.
This can be obtained from the Department of Tourism and Commerce Marketing, which is the same body which classifies the many hotels in Dubai. This is valuable new for British Expatriate Property Investors who are looking to enjoy the financial opportunities their new country holds. Helal Saeed Almarri, the DTCM director general, has said: “This decree provides a potential revenue stream for owners of a second or multiple properties.”