Demand on the rise for office property

09.11.2014
Office space in Business Bay, Tecom and the Dubai Festival City area have continued interest by investors and are on their way up. Key office locations in Dubai, especially in Business Bay and the Tecom zone, are recording high growth rates, up 35% and 31% respectively.
Festival City offices followed with a 26% increase, while Downtown saw 23%, according to the latest findings from Knight Frank, the consultancy.
“With the supply of new prime office space remaining constrained, it was enough to exert upward pressure on rents”, it reports. “Indeed, in the third quarter of this year, prime rental values rose by 2% quarter-on-quarter and were up 23% on a year earlier”.
“Anecdotal evidence suggests that some large occupiers are postponing their re-location plans, with a view to move into newly completed accommodation next year,” according to Knight Frank. “Notable schemes due to be delivered include the C1 building [part of phase one of Dubai Trade Centre District and expected to be completed in the first quarter of 2015], as well as the completion of phase one of Dubai Design District in the early part of next year”.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management