Leasing your property as a holiday home rental
With Dubai aiming to welcome 20 million visitors by the Year 2020, more real estate developments are being built. Investors are taking advantage and start buying Dubai properties to turn to an income-generating asset. Most of the residential real estate in UAE is leased out for a long-term period but nowadays, short-term letting or holiday home rental is gaining popularity. As Dubai continues to attract high tourism demand, the number of vacation homes will likely to significantly increase in the coming years, says Airbnb, the biggest portal of holiday homes. Dubai’s Department of Tourism and Commerce Marketing (DTCM) classifies a holiday home as ‘a furnished accommodation which is rented as a whole unit on a daily, weekly, monthly or annual basis without the issuance of an Ejari regulated tenancy agreement’. So if you are a property owner who often travels abroad or considers Dubai as the second home, turning your property into a holiday home can be ...