More and more condominium owners are starting to see the benefits of sharing their homes and developers have started to respond, allowing residents to share their property. Home sharing for a short period of time is a great opportunity for owners and travelers alike. People in Singapore have been waiting a long time for home sharing to be approved by URA. Home sharing is intended for a short period of time for residential properties but only with the consent of the owner. Also, any property, opting into this plan, must be registered.
With their proposed documents, the Urban Redevelopment Authority (URA) will analyze how home sharing can work for condos and other common properties. Other aspects could include the need for fire safety regulations, what part management committees will play and how they will govern platform operators.
Regarding condos, the URA said that the owners must hold the majority of the shared property value. Once endorsed, the home share will remain active for 2 years and then a renewal process will kick in again. That said, if at any time less than 80% of owners agree to home sharing, there will be no further renewals.