Co-living is a type of housing that caters to younger job seekers and freelancers, especially those who are newly hired, by offering flexible rental contracts.
People new to Dubai or looking for temporary residence can then look into the growing number of ‘co-living’ choices in the city. Developers of co-living housing are offering monthly payment choices (with no cheques, if necessary), zero broker commissions, and no utility deposits. Most of the time, the homes are fully furnished and have all the extras that the residents may need for their jobs.
Some of the industry’s largest developers are researching this market and may be releasing co-living alternatives within their new communities. For example, Emaar is offering a co-living space at Dubai Hills.
Another developer who aspires to specialize in this space has just completed its first building in Jumeirah Village Circle. Hive Coliv’s founder and CEO, Bass Ackermann, states that the “focus has been to design a living solution for young professionals in search of a hassle-free, plug-and-play, offering a place where they can live for a year or two and which allows them to interact, connect, and network with like-minded peers.”
Ackermann, on the other hand, disagrees on one point: he still wants to sign tenants up for longer-term leases, but with enough flexibility built in so that they can terminate and quit as needed.
This could very well be the direction in which Dubai’s rental market moves, at least for short-term stays. As a result, the penalty-free clause is crucial. According to industry sources, the UAE’s recent set of residence reforms, which include the introduction of freelancer and job-seeker status visas, all indicate the necessity for greater flexibility in dealing with landlord-tenant contracts and relationships. It’s a good start to provide penalty-free departures up front.
RERA, Dubai’s real estate regulator, mandates all co-living rental alternatives to adhere to tight requirements. Developers must abide by rental restrictions, which include tight minimum lease terms and the registration of all lease agreements with RERA. For the past two years, licensed holiday homes in Dubai have offered short-stay solutions for corporate clients looking for a temporary address. These kinds of residences have been particularly popular in the Downtown and Dubai Marina areas.