Changes to eviction notices put Dubai tenants on alert lolita, 18/08/2024 Eviction notices in Dubai may still apply to tenants when a change of property ownership takes place, rental dispute cases suggest. A recent court decision noted by the Dubai Rental Dispute Center (RDC) concluded an eviction notice was transferable from a property seller to the new buyer. Previously, new owners purchasing properties with a sitting tenant were required to apply for a new 12-month eviction notice, even if a notice had already been served to a tenant via a public notary. This opened the door to a tenant being able to serve, for example, 11 months of an eviction notice, only to have an extra 12-month eviction notice added on if the property was sold to a new buyer. When the buyer is an end user and needs to move in, this is a step in the right direction for those buyers and re-addresses the marketplace balance Mario Volpi, sales director, AX Capital real estate in Dubai But, even though article 25 of law 33 of 2008 on eviction notices remains the same, the way it is interpreted in court has changed so the notice is attached to the property and both parties are protected. Ludmila Yamalova, managing partner at … Continue Reading
Some BC property owners ‘panicking’ following short-term rental legislation: realtors lolita, 17/08/2024 Deanna Steele says she has never seen as many condos and vacation homes for sale in Kelowna, BC as she has this month. The founder of Keys to Kelowna Properties Inc., a luxury vacation rental management agency, said the lake-front city’s real estate market is “saturated” by properties zoned for short-term rental use. Some of the sellers are people who bought not that long ago and are already trying to get out. “They thought they were going to make a mint because they saw what was happening in the gold rush. And now they’re realizing, ‘Oh, big mistake,'” said Steele. That gold rush — investing in short-term rentals in Kelowna and many other Canadian cities — could potentially slow to a trickle in the wake of new legislation to regulate short-term rentals introduced by the BC government in mid-October. While the BC Real Estate Association’s chief economist Brendon Ogmundson says it is likely too early for the regulations to have a major impact on listings, he is hearing anecdotal reports from realtors that investors are looking to offload properties as the new rules come into effect. “My guess is that this change in policy will certainly motivate some investors to … Continue Reading