Dubai is an international center of business, luxury, and entertainment. If you are keen to enhance the value of your business, or merely start a new enterprise, this emirate-city should be at the top of your list.
In this guide, we present you with four essential tips for buying a commercial property in Dubai. Next, it all depends on the nature of your business, and your commitment to make your investment a profitable venture.
1: Do your due diligence
Before you even step foot into Dubai, you should have an excellent understanding of what buying a commercial property in the emirate-city means. In comparison to other countries in the world, a sign that says “Offices for sale in Dubai” does not necessarily mean that you can purchase them.
By local laws, foreigners can hold property only in specific areas of the city, known as freehold areas. You will need to identify these neighborhoods and find out if commercial property is available there, and if its cost is within the limits of your budget.
2: Work with registered experts
Dubai is a flourishing economy that presents plenty of viable opportunities to foreign investors. However, there are a few scams and investment traps that you will need to avoid. In this regard, your best strategy is to work only with legally registered Dubai real estate agencies, developers and lawyers.
If it is necessary, check with the Dubai Land Department for every move you make, and pick only the most reputable developers to ensure that your investment is legal and follows the local regulations.
3: Check for possible liability
Before putting your pen to paper on the final contract, ask for a background check of the property. Make sure that the owner does not pass it to you with additional liability or debt. It should be his duty to provide you with an N.O.C. (no objection certificate), which you can confront with the registered paperwork at the Dubai Land Department.
4: Study the contract rigorously
Buying offices for sale in Dubai requires that you pay attention to the terms in the deal. Before signing the contract seek the advice of a real estate agents in Dubai or consult with your lawyer. These contracts usually come with documents that clarify the passing of responsibilities from the former owner to you, and which follow the local laws. It is essential that you understand and agree with them before making your investment a reality.
