VRMA Administrator
Demand for short-term rental properties in the United Arab Emirates (UAE) is expected to ramp up further this year after the formal launch of new visa policies. The UAE government has announced new rules for the holiday homes industry, including a provision allowing homeowners to rent out their properties for up to 180 days a year at 50 percent below market value. The scheme also allocates tax breaks and lets owners keep their earnings from rental income. Homeowners can register with the Department of Tourism and Commerce Marketing and rent their properties either directly or via agencies such as BLVD Holiday Homes; only citizens of the UAE can participate in the scheme. BLVD CEO Rania Mrassi said hosts can earn up to 50 percent more by renting, which will "give people a lot more choices when it comes to buying and renting out their house here in Dubai." The city is a highly popular destination for vacationers who come with families or friends and wish to stay in a house instead of a hotel room. Dubai's visa policies and strong tourism infrastructure are especially appealing, and this has benefited the short-term rental industry. Mrassi expects this trend to persist through the remainder of 2022 and into the next several years.
Khaleej Times (10/12/22)
