Emaar, the Dubai-based public joint stock company and developer, has sent out a stern warning to all its property-owners about letting out their properties on a short-term basis. And Emaar has threatened grounds for disciplinary action against homeowners who engage in such activities. Emaar claims that rentals of their property for short-term basis, less than 6 months usually for holidays, represent a commercial activity for which the owner should have a trade license. “Emaar’s communities are private gated communities and have not been designed or equipped to be used for commercial purposes. Safety and security is paramount at Emaar’s communities and we believe that unapproved activities put a strain on the system.” Explains an Emaar Spokesperson. Furthermore they claim that their purchasing contractual terms clearly state that the properties are for “single family residential purposes only” which should also imply that short-term renting is a violation of their contract. Residents and Emaar property-owners believe that the short-term clause is not clearly stated on the contract, aside from the implication of the “single family residential use” clause.
Clearly stated or not, the owners should happily oblige Emaar’s terms and conditions….
Via GulfNews