Holiday home operators in Dubai are facing uncertainty as the deadline given by Emaar Properties to cease their operations in Downtown Dubai expires but no consensus evolved at a meeting with the authorities concerned, it has learnt.
The short-term market players said ambiguity and indecisive policies will hurt investor sentiments as Emaar refuses to either extend the September 19 deadline for holiday home rentals or withdraw the same.
Industry sources said the operators did meet the authorities on Wednesday and were expecting an outcome to the controversy.
“We are ready for an amicable solution, but Emaar stick to its stance,” according to a source who attended the meeting.
The operators said they are hounded by their clients who had booking in Downtown Dubai and are now looking for alternative accommodations.
“Ease by Emaar will not list properties in Downtown Dubai for home stays from September 19. This is as part of our decision not to offer holiday home operations in Downtown Dubai following requests from our residents, as several of the holiday homes were used for non-residential and non-family-related activities,” said a statement from Emaar.
© Pakistan Press International, source Asianet-Pakistan