Emaar Properties is the largest property developer in Dubai. It has now banned short term lettings in the Downtown Dubai area, which includes rentals using the Airbnb platform. Downtown Dubai is home to the Burj Khalifa tower, Dubai Mall and many impressive shopping malls. It’s also home to an abundance of apartments and villas, which means that short term rentals have previously been popular. However, Emaar Properties is putting a stop to this by banning short term lettings such as those made via Airbnb.
Emaar Properties Bans Airbnb in Downtown Dubai Area
There has been a collapse in property prices in the past five years in Dubai, which is why property owners have been seeking other ways to make their money. Apartment and villa owners have embraced short term holiday lettings, using services such as Airbnb to help them with the booking entire process. As is the case in many cities, other apartment owners in large building are opposed to short term lettings. They would rather apartments were rented to long term residents, rather than those visiting Dubai on holiday. In response to this, Emaar Properties has issued a notice to say that short term lettings must cease in Downtown Dubai.
Emaar Properties has stated that this ban is in response to recent complaints, but it’s not thought that the company consulted the public. Apartment owners have two weeks to put an end to short term lettings.
The notice given to apartment owners stated: “As part of our ongoing efforts to improve the wellbeing of your community, we wish to inform you that after much deliberation and residents’ requests, holiday homes operations will be ceased by 19 September 2019 in all Downtown Dubai communities. This would mean that existing holiday home operators and units will be considered invalid with effect from this date, and no new holiday home operations will be permitted.”