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Dubai office property in great demand

15.07.2015
Dubai office property in great demand
Downtown Dubai neighborhood topped the list of the largest Q2 transactions in the Dubai office property market.

There is still rather high buyers’ activity in the field of Dubai’s commercial real estate. And offices in Downtown Dubai are of the greatest demand among businessmen — 6 of 10 largest sales transactions were recorded in this Dubai district.

The largest transaction in the office property market registered by Dubai Land Department in the second quarter was the sale of an office situated in the Control Tower in Business Park Motor City for US $ 5,23 million. The second line of the list also ranked the sale of an office worth US $ 4,8 million in Control Tower.

Third place in the list of the most expensive office property in Dubai was taken by an office in the Vision Tower in Business Bay, sold for US $ 4,63 million.

Another office building popular among high-quality commercial property connoisseurs was Boulevard Plaza Tower 1 in Downtown Dubai. As many as five major transactions involving offices sales were registered there in the second quarter of the year — three of them took the fourth, fifth and sixth places in the top ten list of the most expensive offices in Dubai due to the amount of US $ 3,43 million paid for the first one, and two identical amounts of US $ 3,06 million paid for the other two offices. Another two offices in the same tower sold for US $ 2,76 million and US $ 2,70 million, respectively, took the eighth and ninth places in the list.

And finally, the second twin of the two twin towers, Boulevard Plaza Tower 2, closes the list of the largest transactions for Dubai Q 2 offices sales: one more office was sold there for as much as US $ 2,54 million.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

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
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

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
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

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