DUBAI: Dubai has introduced new regulations to oversee the timeshare industry in the emirate, it was announced on Monday.
Timeshare is a form of ownership where a group of investors jointly own a property, with each owner allocated a specific length of time to use the unit. It is typically targeted at holiday or resort locations.
The new legislation “aims to further stimulate tourism and real estate sector growth in Dubai, encourage investments in the vacation ownership sector, provide adequate residential alternatives for tourists and visitors, and protect the rights of all parties in the industry,” WAM, the UAE state news agency, said in a report on Monday.
According to the law, the timeshare industry will be overseen by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism). The department will maintain a database of timeshare residential units in the emirate and monitor to make sure they adhere to international best practices.
Dubai Tourism will also regulate timeshare contracts and it will handle any grievances and complaints against any individual or entity practising timeshare activities in Dubai without obtaining the required permits and approvals.
Dubai timeshare permits will be renewed on a yearly basis and the announcement said all timeshare operators in the emirate have six months to comply with the new regulations.
