Dubai Brings In Strict Laws for ‘Timeshare’ Properties

Dubai Tourism has been mandated to develop the framework for the selling, marketing and management of properties sold under ‘timeshare’ programs. As part of this, Dubai will also be listing all such residential units under such schemes as the emirate seeks to realize

BY Realty Plus
Published - Tuesday, 22 Dec, 2020

Dubai Brings In Strict Laws for ‘Timeshare’ Properties

Dubai Tourism has been mandated to develop the framework for the selling, marketing and management of properties sold under ‘timeshare’ programs. As part of this, Dubai will also be listing all such residential units under such schemes as the emirate seeks to realize the full potential of timeshare. The Dubai tourism agency will also coordinate with Land Department and Dubai International Financial Centre on all matters related to timeshare activities of developers and brokers, and registration of timeshare contracts and rights with the Land Department. The new requirements – under Law No. (14) of 2020- has been issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai. Timeshare ownership offers less expensive vacation options for investors in these programm or properties. With the new Law, Dubai wants to create new investment opportunities in its real estate sector, but assuring investors the laws are there to safeguard buyer rights. All individuals and entities undertaking timeshare business activities in Dubai must comply with the provisions of the Law within six months of its effective date.