After the real estate slump from 2008 to 2011, retail sector property continues to report solid growth in Dubai. High-profile commercial property in Dubai like Jumeirah Lake Towers and the Business Bay along with ambitious shopping centres like Mall of Arabia are home to thousands of store fronts.
The office market reports mixed recovery. Rent rates in prime areas in the central business district have remained stable but are expected to increase in the case of Grade A office spaces. These spaces are also attracting spillover from DIFC-managed buildings due to at least 25% lower rent charges. Increased supply of such Grade A spaces in this year may cause rents in secondary locations to fall.
Besides, companies are embracing sustainability and environmental responsibility like never before, causing greater demand for LEED-certified buildings. Increased traffic is also making accessibility and convenient parking facilities gain priority. Many large, multi-national organizations are looking for customization and build-to-suit options.
Rent or buy? This should be your very first question and its answer should be supported by strong reasoning.
If you are considering commercial property for sale in Dubai for investment purposes, put your money in high-demand locations. If you are buying or renting for use, go for a slightly larger space than you need currently to allow for business expansion. Research well; certain property imposes restrictions on types of businesses that may be run from there.
Sort out your documentation, like Certificate of Incorporation, Memorandum and Articles of Association, Board Resolution, Signing Authority letter and identity proof. Overseas businesses must get their documents attested by their country's embassy in the UAE.
Once you have zeroed in on the property of your choice, draw up a sale and purchase or rental agreement confirming the agreed price and your solicitor's details. Pay the deposit to secure your property. In case of purchase, transfer the ownership by paying the transfer fee.
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