Emaar statement says ban will come into effect on September 19
Independent holiday home lets in the Downtown Dubai area of the emirate will be banned from September 19, following a statement from Emaar Community Management.
The new rule was circulated around properties on the same day that Emaar launched its own entry into the short-term property letting market with the unveiling of Ease by Emaar.
According to the statement, from Emaar Community Management, the decision was taken following “several requests and resident complaints on disturbances and related inconveniences due to holiday home operations”.
It added: “In the recent past, there has been a growing concern as holiday homes have been used for non-residential and non-family oriented activities, impacting the value and neighbourhood spirit of our communities.”
The statement also noted that “existing holiday home operators and units will be considered invalid with effect from this date (September 19), and no new holiday home operations will be permitted.”
The move has been criticised from a number of quarters. Vinayak Mahtani, CEO of bnbme - short-term rental and property management firm in Dubai - told Arabian Business: “I think Emaar’s ideology of trying to improve the community is correct but their intent and execution has to be questioned. How can they justify banning all holiday homes and yet on the same day attempting to launch their own? Something doesn’t seem right.
“I have full faith in Dubai’s governing bodies, DTCM, as they have built a world class holiday destination. And in today’s world this includes holiday homes.”
At the launch of Ease by Emaar, CEO Mohamed Alabbar admitted that the venture, like the short-term property market in Dubai, is still very much in its embryonic stage, although he said there were “tremendous opportunities” in the sector.
Currently there are 29 properties to rent on the Ease by Emaar website, all situated in Downtown Dubai.
The Ease platform provides travellers with the option to stay in a selection of homes throughout Dubai, handpicked by Emaar. At the same time, depending on location, investors can expect returns of up to 50 percent, with Ease claiming a 20 percent management fee.
Mahtani added: “In today’s time there is robust competition in this industry, but any competition is healthy competition and we welcome this.”