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5 Golden Rules governing short term rentals in Dubai

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					       5 Golden Rules governing short term rentals in Dubai
Dubai, the pearl of the Middle East has quite the fan following among tourists that
fly down in droves, year after year. They come for the Dubai Shopping Festival that
has earned a name for being the best place for shopping deals on the planet. They
come for the jaw-dropping hospitality and leisure opportunities that are a part of
this bustling megapolis. Some drop in to enjoy the desert sands, others to enjoy
the beachfront action.

Whatever the reason may be, Dubai does offer a little something to everyone. That
little something often proves to be sufficient for many tourists to have an
extended stay that could range from a week to a couple of months. In such
instances, although there are a wide variety of hospitality options, there are
people who prefer to opt for short term rentals in Dubai.

The Real Estate and Regulatory Agency (RERA) seeks to protect the interests of all
parties concerned i.e. the Landlord, the renters and the community in general. To
this effect, there are laws in place stipulating the registration of the land deeds
and rental agreements with RERA. This is especially helpful in resolving any
disputes between landlords and renters, should they arise for any reason
whatsoever.

There are plenty of sources, in both, online as well as brick-and-mortar form
where one can inquire about holiday apartments in Dubai. However, care must be
taken to ensure that all property dealings must be made through a broker or agent
that is duly registered with the authorities. There are multiple guidelines and rules
governing the whole rental experiences that have been collated below:

       It had come to notice that some unscrupulous landlords were hiking rentals
        for existing tenants in an arbitrary manner. However, RERA has limited the
        rental hike to a maximum of 5% of the existing rental amount. This limited
        hike is in force for a period of 2 years from the initial signing of the rental
        agreement
       Advance payment of rentals is permitted. The same may be paid off in
        quarterly instalments. The terms and conditions may be changed as per
        those reflected in the rental agreement drawn between the landlord and
        the tenant
       Every aspect of the residential rental activity can only be offered if the
        agent in question has a valid license for the same from the Department of
        Economic Development (DED). These may range from finding suitable
        accommodation to the execution of the Rent Contracts and offer of property
        management services
       Service fees payable to the agent are set at 5% of the annual rent payable as
        per the agreement. The same must be paid upon signing of the contract
       Although an expensive proposition, those in the market for short term
        rental apartments in Dubai must only do so through agents with exclusive
        access to licenses that permit them the same. Failure to do so may not only
        lead to a loss of rental money but also leave visitors with no recourse to any
        legal safeguards
Although the rules may seem awkward and cumbersome at first, visitors must
remember that they have been put into place keeping their best interests in mind.
It is therefore advisable to avoid the tantalizing offers by fly-by-night and
unregistered agents when dealing with Dubai properties for rent.

				
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posted:8/23/2012
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Description: Although the rules may seem awkward and cumbersome at first, visitors must remember that they have their best interests in mind. Thus, offers by fly-by-night and unregistered agents when dealing with Dubai properties for rent must be avoided.