The moneymaking value of Dubai projects it as a Golden City. This colors renting and buying commercial property here advantageous. Simply, purchasing and leasing Dubai commercial estates help to make you richer. However, wisdom must guide this activity.
Many factors necessitate it. Type of your business comes atop. Rules and regulations apply to all Dubai based money making activities. These do vary according to business type. Securing the services of a seasoned and trustworthy estate broker will:
- Resolve many glitches
- Resolve multiple issues
- Save time too. Time is money.
- Streamline many processes
- Bring many conveniences
- Help decision taking
- Provide specific information
This paragraph helps money making. It presents excerpts from Dubai Office Market Review Report. It was from Knight Frank. Knight Frank covers the third quarter of 2018 in it. The Frank report provides a bird’s eye view of commercial estates. Its highlights are:
- Average office rents in Dubai in the third quarter of 2017 were compared with that of 2018. This comparison revealed a 5.8% decrease in the Q3 of 2018.
- The Frank report showed 246 AED as one-year rent of one square meter office space. Compared with Q3 of 2017 showed about a 4.9% decrease in the Q3 of 2018.
- Availability of space in prime estates remained low. It was as low as 1%.
- Grade A office rent experienced an 8.9% fall. This lowered 245 AED annual rent of one-meter square office space to 145 AED. The decline will probably continue. Two main reasons are:
- Inadequate office space availability
- Present vacancies
- Health Care sector creates more or less 18.8% demand concerning commercial spaces. When it came to:
- General Trading
- Information Technology
- Likewise sectors
the space demand hovered at 12.5% regarding each domain.
- Demand for office space remained below 5,000 square feet in almost 94% of total rent contracts.
Besides, Frank report states the general expectation sees declining growing sharper. It is destined for the entire market. The reason is simple. Addition units comprise the market. It is the current situation. This market condition suggests the following.
- Landlords are offering more competitive rates to tenants.
- Sellers are prepared to lowering even advertised rates.
- There is a good omen side by side. It is the Expo 2020. It is at hand. This Expo 2020 is to brighten prospects of commercial estates further.
- Following lines comprise some suggestions. These will assist;
commercial estates available in Dubai.
- Update All Business-Related Legal Papers
The following present details.
- Before making a commercial property search, ensure your documents are:
- Prepared for submission
- The business license is the prime official paper. It shows if you can:
properties in Dubai Free Zone or on-shore.
- Even if you do an online search, Lay your hands on documents first.
- Decide the Required Property Area
Commercial property matters require precise space need. Precision here exceeds that regarding residential estate. Business activities decide this need. For instance:
- A business involving plentiful shipping and receiving bulk will need:
- Sufficient space
- An adequate warehouse
- Location is adjacent to the highway, etc.
- An SEO business may need a few rooms.
Hence, consider and calculate space dimensions and type.
Buying residential properties differ from purchasing commercial estates. We sometimes don’t cut the cloth according to the coat while arranging for homes. It becomes different in business. It is a business decision.
Spending more on space can inflict budget for others. Budget allocations are finalized first. Hence, hands get tied earlier. So calculate before buying. Dubai commercial property features a variety. Consequently, prices vary considerably. Finalizing budget makes property hunt easier and quicker.
- Property Market Analysis
It is a bit demanding. Living for years in Dubai doesn’t help successfully. Despite it, this aspect requires:
research to explore and understand the dynamics. These differ from residential dynamics. For example, you should know:
- Where does exist the market? Simply, where are your competitors based?
- Why did they decide on certain areas and estates?
- Heavy Traffic. Dubai regulates heavy traffic in specific localities. It can inflict:
- Transportation of the workforce
- Trucking of goods
- The workforce hiring regulations
- Likewise dos and don’ts
Collect data well. Finalize the area accordingly. Then, take an informed decision.
- Choosing the Developer
Go for a highly regarded developer. Research significance rises if you aim at:
- Off-plan property
- Ready-to-move commercial estate
Reputed developer means a seasoned developer. Such developer guides well regarding:
- Location value
- Accessibility matters
- Cost factors
- Benefits and disadvantages to some extent
- Answering estate related queries
Two pieces of advice are relevant:
- Look for the record of accomplishments
- Ascertain firsthand knowledge. Visiting current projects helps here.
- The Fit-Out Contractor
This person transforms vision and plan into fact. It is very important. In many commercial property dealings, it emerges purchaser or tenant sought the Fit-Out Contractor cooperation after missing the boat. Simply, they seek the Fit-Out Contractor after finalizing the property. This late decision can cause:
- Giving up some space
- Modifying changes in plan
Therefore, Fit-Out Contractor should be chosen earlier. One should help in:
- Making estimates
- Bettering the idea
- Materializing plans
- Choosing the best suitable space
- Real Estate Consultant
Dubai requires many:
- Legal formalities
- Documentation formalities
before culminating a plan of purchasing or renting out commercial property on its soil. This isn’t a Gordian Knot. One can complete these processes oneself. Hiring a:
- save from many troubles
- save time
- avoid avoidable delays.
So choose a respected consultant. While choosing, Aim for :
- Sound pieces of advice
- Good care for your interests
- Help through this phase
- Co-operate until the phase is over