If you are reading this article, chances are you are taking part in the global movement of the ‘sharing economy.’ But what is it and why is it so relevant to Dubai?
The big idea of the sharing economy is to lead a more efficient and sustainable life. We do this through the efficient use and ‘sharing’ of our resources. Think about Uber or Careem and how effectively any car on the road can turn into your own taxi. Think of Airbnb and how every empty home can be converted to a ‘hotel’ for someone else.
The idea is truly amazing, revolutionary, and is expanding into every area of life – you can share clothes, appropriate waste, share skills by freelancing in any field of your choice. The list goes on.
While the sharing economy is booming globally, it has had a late start in Dubai; but is quickly catching up. As other ideas about sustainability take root (Sustainable City anyone?), so do the ideas of maximizing the potential of your assets.
You live in your home, but travel a lot. Or maybe you are thinking of selling, but don’t like the current market prices. Or perhaps you own a property in Dubai, live in London, and visit occasionally (for New Year for example.)
In all these instances there is a period of time in the year where your property sits empty, collects dust and makes you zero money.
The idea of the ‘sharing economy’ is to maximize the profitability or usefulness of your property when you are not using it – while also making it ‘valuable’ to someone else – efficient, sustainable and profitable!
It helps that business is booming in Dubai.
Since the legalization of Airbnb and Holiday Homes in 2016, it has been easier than ever to turn your home into a business.
If you are located in the right areas, you are almost certain to beat the long-term rental numbers with short-term.
Tourism is only growing with the Expo 2020 just around the corner and promising to bring over 20 million tourists with it. It makes sense to get your home listed now, get the 5 star reviews traction and make the most money when the times comes.
There are some drawbacks, however. While you most definitely can do it on your own, Dubai has the extra hurdle of licensing to go through. Also, the operational aspect of managing a Holiday Home can deter many, especially after that 2 am call from a guest when the A/C goes out in August!
It is without a doubt that eventually we will be able to share more than our home – and be able to maximize any asset. But right now, it’s time to start with what you have and get on the ‘sharing economy’ train in Dubai by turning your home into a Holiday Home today!
Anna Skigin is the Founder & CEO of Frank Porter.