There is an increasing demand for commercial property in Dubai in 2018. The growth of the sector has been further stimulated by investors actively searching out the right space in the best location at the most attractive price.
Economic growth in Dubai has been driven by the ongoing preparations for Expo 2020. This, along with an impressive performance by the hospitality, tourism and retail sectors in Dubai has meant that commercial property is now more in demand than ever before.
Whether investors are looking to buy or rent, here are seven tips to consider before taking the plunge.
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Keep all documentations in good order
You must have every relevant piece of documentation filed and available. This is particularly important for your business licence. Make sure everything is up-to-date, easy to find and ready to go. When you decide to rent or buy any commercial space in Dubai you will need documentation ready for submission.
Fully understand the restrictions on your business license as it will help you decide where you can rent or buy commercial property. This could be solely in a free zone, or also on-shore, depending ion the licence you have acquired from the DLD.
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Research the market
Before you make any decisions relating to commercial property in Dubai, you must understand the local real estate market. This will help you to understand how far you can stretch your budget and choose the location that’s best for you.
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Decide on the best space
You must work out how much office or retail space you actually need for your business. This will help you to determine whether the price you’re offered is reasonable or not for your business needs.
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Decide on a final budget
The commercial property you choose must be economically feasible for you. In order for this to be the case, it must fit your budgetary allocation. Seek out units that offer flexible and optimal payment plans to help you get the most out the budget you have available.
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Choose the right developer
Whether you’re looking off-plan or for readily available commercial space, narrowing your search down to a list of reputable developers and builders with proven credentials is a good idea. They should be able to answer any queries you have and it’s important to evaluate the delivery track-record if you’re buying off-plan
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Choose your contractor wisely
Do some research into your fit-out contractor before you engage them. If you want a contractor that will accompany you throughout the process from your idea to execution, then you need to ensure you have chosen wisely. Some only turn up towards the end and execute your plans at the last minute. Ideally, they should be able to plan and design your commercial space competently and meet your budget.
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Seek out consultancy
While it’s possible to do a great deal of the preparation and research yourself, it’s always a good idea to engage a consultant as well. An established property services company is worthwhile as they will always put your interests first. They will also cover every possible aspect that you need to take into account. If going it alone, it can be too easy to miss something important.
About Samir Salya
Samir Salya is the Chairman of Reign Holdings and is involved in UK and UAE real estate and construction. Samir holds over 20 years’ experience in executive management, business expansion, performance improvement, sales and marketing.