Dubai’s Tourism Boom Uplifts Holiday Home Marketkwsmedeveloper
The steady proliferation of Dubai’s travel and tourism business has spurred an influx of investment in the highly in-demand holiday homes market. Both the investors and the homeowners are exploring ways to cash in on this unexpected but much welcomed golden opportunity, which has led to rampant growth in the availability of rental unit in Dubai — adding another attractive accommodation option to emirates already impressive repertoire.
As with everything in Dubai, the holiday home market is strictly monitored and governed by clear legal guidelines and regulations to ensure the safe and secure environment on which the city prides itself. Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) issues permits to holiday homes only after a thorough inspection which includes many security and safety checks.
Even after a rental unit has been verified and issued a permit, the Dubai tourism Authority will conduct regular inspections to ensure that they maintain the approved quality standards. Moreover, the authority has planned on announcing a guide on holiday homes illuminating the various requirements, processes and verification criteria.
The holiday homes division has seen a whopping 40% increase due to their growing demand. Since 2015 the year in which the Government decided on issuing holiday home permits. The number of rented units has steadily been increasing from an initial 1,531 hosting units accommodating 11,783 number of guests in 2015 to a shocking 168,502 guests in 6,049 units in 2019 — thus making the holiday home industry business with longevity and enormous room for growth.
The tourist faction that benefits most from accommodation options provided by holiday homes is families, as holiday homes provide them with the freedom to create a vacation tailored to their needs. Hence, encouraging families of all shapes and sizes to choose Dubai as their holiday destination. Currently, Six thousand forty-nine holiday homes are available in Dubai alone.
This roaring success of the rented housing unit concept has increased the growth of tourism in Dubai, making tremendous headways in achieving Dubai’s Tourism Vision 2022-2025, I.e. to be the most visited city of the world. The Expo 2020 id expected to increase the number of visitors which in turn will further expand the holiday homes sector as according to the Government’s tentative estimate property owners’ interest will increase two-fold.
CEO of Fam properties and Fam Living said: The future for property owners in Dubai is to convert their properties located near prime locations like Burj Khalifa and Bluewater into holiday homes so that they can capitalize on this incoming tourist traffic.
In 2013 the UAE government introduced a new law that allowed homeowner as well as tenants with authorization to convert their flats –apartments- into rental housing units. The holiday home industry is experiencing fantastic growth because of government policies that are effective and goal-driven.
COO of inventally Ahmed Al Hassoni said that: 116,270 residential units are currently under construction and soon will be part of Dubai’s real estate. These residential units are in excess of Dubai’s population; therefore, it is clear that these properties were built with tourists in mind. With Expo 2020 looming nearer and the welcome influx of visitors, everyone wants to cash in on it. The only real issue here is trusting the tourists with your valuable property without any contractual agreement.
Cecilia Reinaldo CEO said that: The technological advancement has allowed ease of business that lets you take control of the financial outcomes suited to their individual needs. It is only natural that property owners would rent their housing units short-term for greater ROI.
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