Facts you need to know about short term rentals in Dubai

Apart from being the most popular emirate in the UAE, Dubai is one of the best destinations in the world for business and leisure. Currently, the city attracts over ten million visitors annually and the numbers are expected to increase as we approach the Expo 2020.

As the number of business and tourist travellers coming to Dubai continues to increase, so does the popularity of short-term rentals. What is a short-term rental? This is a property that is leased for a short period. They are becoming an alternative to crowded and expensive hotels.

When most expatriates arrive in Dubai, they choose to temporary stay in short-term rentals as they arrange for permanent residence. In most cases, these units are fully furnished and equipped with necessary household items from electronic appliances to cutlery and linens.

There are numerous property types being used for short-term rentals such as studio apartments, one bedroom apartments or even villas. The best part is that, they are located even in prime parts of the city. For instance, some of the apartments for rent in Downtown Dubai are rented for a short period.

In 2016, the Dubai government approved a law that allowed investors to list their properties on short-term rental sites like Airbnb. In fact, people can rent their residences even if they are tenants and don’t necessarily own the house. However, they have to register the property through the Holiday Home provision in the Department of Tourism and CommerceMarketing (DTCM) website to host short-term guests. This is to make sure the host qualifies in terms of quality, code of conduct, safety and other set benchmarks.

Furthermore, there are certain steps to follow for both homeowners and tenants. If you are the homeowner, you should create the online account on the DTCM website. For the registration type, choose homeowner and register as the property manager. You will be required to upload a copy of your passport or a valid UAE ID. Next, head to the DTCM offices to submit the necessary documents and pay a fee of 1590AED. Tenants can follow the same procedure but they must acquire a No Objection Certificate (NOC) from the homeowner. Also, tenants are not allowed to sub-lease more than one residential unit at a time.

If you want to get an impressive return on investment, you should consider investing in off-plan projects by Meraas. In fact, some of these properties can be a good investment for short-term rentals because they are placed in good locations. Apart from Meraas, other top developers are involved in the off plan market. For instance, there are several new projects by Emaar Properties that are expected to be completed soon, which you can consider investing in.