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 beneficial for you. While you are away, you can rent out your property as a holiday home and stay in whenever you are in town.
Apartments for sale in Dubai or any other residential properties can be converted to a holiday home as long as it’s registered. Homeowners in Dubai who wish to offer apartments as holiday homes need to obtain a license from DTCM and should ensure that the property meets the specified quality, health, and safety standards and offers all the necessary amenities and guest services, in addition to insurance coverage and integration with the wider community.
When buying any property, location is key. Here are top tourist destinations where you should consider running holiday home rentals:
There is no doubt that this will be the first area on a traveler’s list as it’s the home of Burj Khalifa. Dubai Mall, Dubai Opera, and Downtown Boulevard are also nearby. Properties in Downtown Dubai may come with a hefty price because of its premier location.
One of Dubai’s business districts, you can lease your holiday homes in Business Bay to professionals who are attending conference and business meetings. Buying a property with Dubai Canal view are highly attractive to travelers.
Facing the Persian Gulf, Jumeirah Beach Residence is a popular choice for tourists who prefer the beach lifestyle especially if your property has an amazing view of The Palm. There are shopping and dining centers surrounding the area that are open ‘til late night which is favorable for foreigners.
Some tourists like a luxurious vacation so they opt to stay in lavish villas on Palm Jumeirah while enjoying a dip in its own private beach. Five-star dining and leisure activities are located here.
This waterfront community has a glittering skyline with impressive and fascinating skyscrapers. That is why Dubai Marina is among the best places to live in Dubai both for short term and long term rentals.
Though a number of investors have attested that holiday lets yield higher rental returns, being in these areas still does not guarantee a return of investment. Being an excellent host, a well-conditioned property among other things will help you succeed in holiday lettings.
If you want to obtain more details or you are serious about investing in Dubai real estate, speak to real estate experts from Rocky Real Estate. They have a wide connection and solid market knowledge to help you make the best investment. Call them today!