5 Things You Should Know Before Buying/Renting a Commercial Space in Dubai

5 Things You Should Know Before BuyingRenting a Commercial Space in Dubai

If you are a first-time commercial property buyer in Dubai or if you are looking to rent a commercial space in the city, then this article can help address some of the questions you might have.

  • License is key. First things first – Make sure you have all your documents, especially your license, updated and ready for submission once you decide to buy or rent a commercial space. Secondly, make sure that the agency or developer’s license is in compliance with the UAE law. Finally, understand the limitations and parameters of your license and accordingly discern whether you can buy or rent on shore or in a free-zone area for example.
  • Do your homework. Before you make any decisions, understanding the local real estate market is extremely important. This will play a key role in deciding where you wish to buy or rent. With the right amount of research from the right sources, you would be able to gauge which areas in Dubai are ideal for buying/leasing commercial and retail properties. According to Dubai Land Department, the most favored areas for buying/leasing office spaces last year has been Business Bay and Jumeirah Lakes Towers whereas the most preferred locations for buying/leasing retail spaces were International City and Jebel Ali First.
  • Size matters. You must ask yourself: How much office space does my business need? Moreover, having a clear understanding of the size, will help determine if the price offered for the space is reasonable or not and you will be able to gauge whether you have legroom to negotiate the price.
  • Determine your budget. It is imperative that the unit you like is feasible for you and fits into your budget. It is also a good idea to look for units that come with a good payment plan.
  • Select the right developer. Whether it is off-plan or a ready commercial space, you must narrow down your search to a list of reputable and reliable builders who know what they are doing, who will address any and all queries you may have and who will make sure they deliver quality within the promised deadline.

Choose your fit out wisely. Reputation is everything. Do some digging and confirm the reputation of your fit out contractor before saying yes to them. Additionally, find out what their level of service is. Some fit out contractors will only show up towards the end, and execute the plan that you propose while some will accompany you right from ideating to the execution of the plan. Ideally, they should be able to plan and design the space that meets your expectation and meets your budget.

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