Dubai launches online portal to boost timeshare property market
Dubai has set up a website where timeshare operators can apply for permits as the emirate aims to become a major destination for vacation home ownership, encourage tourists to stay longer and attract investment. in the area.
The Timeshare portal, developed by the Dubai Ministry of Economy and Tourism, allows potential operators to submit applications for timeshare properties, receive permits as licensed operators and renew those permits annually, the Dubai Media Office said.
The portal “will help pave the way for a world-class vacation property market in Dubai, while providing suitable alternatives to tourists by encouraging them to spend multiple and extended vacations in the UAE,” said Helal Al Marri, Director General of DET.
“We are fully committed to taking strong action and setting new benchmarks to enable us to remain competitive as a global tourism and investment hub. “
Dubai created the legal framework for the market through its Timeshare Law to regulate the timeshare industry, protect the rights of all parties, cater to investors who want to buy a vacation home, and spur growth. the hotel, tourism and real estate sectors.
The emirate, a regional tourism and business center, seeks to boost foreign investment, make the city more attractive to work and live, attract highly skilled talent and welcome more visitors.
A timeshare allows partial ownership of a property and its use during a certain time of the year. The model can be applied to different types of hotel properties, such as resorts, villas and apartments.
Prior to the Covid-19 pandemic, the vacation home industry was growing rapidly as changing consumer spending habits meant timeshare offered a more flexible and affordable option for vacationers.
The timeshare portal will boost investor confidence in the emirate’s real estate and hotel offerings, speed up the approval process, and provide easy access to the information that investors, owners, operators and tourists want to use. timeshare during their visit to Dubai, according to the government statement.
The portal aims to create an improved business environment and boost investment in the vacation ownership industry, he said.
A Dubai-wide initiative, driven primarily by a partnership between DET and the Dubai Land Department, the portal is supported by coordination with the Dubai International Financial Center.
In accordance with the law, the DET, in collaboration with DLD and DIFC, maintains a database of real estate brokers, developers, establishments and operators. This allows the DET to supervise and inspect the facilities to handle all contract clauses and disputes.
The DET also regulates timeshare contracts and handles grievances and complaints against anyone involved in timeshare business in Dubai without obtaining the required permits and approvals.
“An important provision of the law is that all new timeshare properties will only be designated as part of new or existing hotel rooms, while all incumbents will be allowed to continue in business,” the office said. medias. “Under the improved system implemented through the portal, no private property will receive a license to operate timeshares. “
Mr Al Marri said that the launch of the online timeshare portal will support the introduction of the timeshare law.
“We now have a regulatory model that supports vacation property customers, developers and operators with a clear and fair legal framework in place for all parties involved in the national timeshare market,” he said. .
Updated: December 25, 2021, 2:13 PM