Timeshares heading for Dubai!

Timeshares are what we usually associate with tourist destinations like Spain or Portugal but it looks like Dubai is soon to add timeshares to its list of property options.  As property prices in the Emirate have now reached competitive levels, leaving little room for profits when compared to previous years, the introduction of such a scheme is likely to encourage more people to visit Dubai on a frequent basis, as well as revive freehold property demand. 

Sure, some people are going to think Dubai is heading for trouble with timeshares.  Areas of Spain where timeshares are popular see tourists arrive en masse and it does cheapen the quality of the place as a top holiday destination.  I mean, would residents be inclined to go to the beach here if they couldn’t see the sand for tourists? Or would people want to visit the malls if there were big groups of sightseers standing around and taking pictures everywhere?  I know I wouldn’t and it is vital that the Dubai government can enable timeshare leasing without losing the quality and class that the UAE as a country promotes. 

A number of developers have already shown a great deal of interest in offering timeshare schemes, which are to be closely monitored by the Real Estate Regulatory Agency (RERA).  The government is currently drawing up the law on timeshares which will allow developers to offer the facilities to buyers and this close monitoring by the Land Department should be another bold and necessary step in the protection of buyers. 

 This news comes on the heels of leading developer Emaar prohibiting owners of its property developments from short-lease renting to other people.  Previously, buying property with the intention to let it out on monthly or weekly lets was a key source of income to investors, particularly at The Greens, but this is no longer a legal practice. 

Is this kind of a let down for homeowners and another plus for developers?  Hopefully not but visit our forum to share your stories by clicking this link.  I think everyone can say they have heard the spiel about buying a timeshare at some point in their life and the majority can also say they weren’t interested.  Only time will tell if timeshares are a contribution to the Dubai property market or an unnecessary evil.

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