The demand for retail and commercial properties in Dubai, both for rent and for sale had spiked ever since 2015. Investors have also shifted their focus from buying residential properties to acquiring offices, buildings, warehouses and often staff accommodation. The city’s economic growth also accelerated, contributing to about 70% of the total GDP, showing the support of the service industry. If you are in the market for a retail property in Dubai, then know these 5 things:
- When you are getting an off-plan property
An off-plan property is a property in which nothing has been constructed yet. If you are buying one, then do research on the developer and his previous work records. Even though buying an off-plan property is now more secure than what it was before 2008, you still need to do your research. Remember, you need to pay 20-80% of the amount while the property is constructed, and the rest, after the property is ready for purchase.
- There has been a hike in demand and it will continue
You know that UAE is gearing up for the 2020 Expo. With the rise of start-ups and SME’s, the demand for commercial rentals has only risen beyond boundaries. Dubai’s status has grown so high that it has become a global and strategic hub. So the prices of properties are likely to be very high, catering to the demand.
- Learn about the market trends
It is very important to know the market trends before putting money in any property. Check out valuation firms that submit market reports to know the areas where prices are rising and the percentage of rise. Cluttons, Colliers, Asteco and Cavendish Maxwell are good sources, and they are registered by an agency that regulates valuation standards, the Royal Institute of Chartered Surveyors (RICS).
- Which locations to tap
If you are looking for top areas in Dubai for making a retail property purchase, then try in Dubai South, Business Bay, Sheikh Zayed Road and Jebel Ali. The central business districts in Dubai are at an all time high, attracting a horde of investors for both buying and renting purposes. The demand is not concentrated on these areas, they are spilled onto the surrounding areas as well, out of the free zone, where buyers are getting excellent properties and investors are enjoying quality rents and a “value for money” property.
- Keep a checklist of things to check
When you go location scouting, check the following:
- The noise level of the property
- Does the property get any natural light?
- What is the traffic status in the area?
- Are there any physical/structural flaws in the property
Anyone, irrespective of whether he is a resident of Dubai or based overseas, can purchase a property in the areas authorized by His Highness the Ruler of the Emirate of Dubai. All you need to be aware of is the legal terms and conditions and you are good to go. If you are an individual buyer from overseas, then you would need the original of passport, that’s all.