Legal Steps to Buying Commercial Property in Dubai
Purchasing commercial property Dubai might seem like a daunting task, but it can become one of the best property decisions you make. Buying commercial property in Dubai gives you a VIP pass to enter a booming economy and access world-class luxuries. The potential ROI is also promising for commercial properties, which makes it even better.
However, buying commercial property in Dubai is not a piece of cake. It requires a deep understanding of UAE property laws and making the right moves at the right time. If you are planning to invest in commercial property in Dubai, you’re at the right place.
This guide will provide an overview of the legal process for buying commercial property Dubai, so you make the best property-related decision.
Types of Commercial Properties in Dubai
Buying commercial property Dubai is serious business, so you need to make sure you have all the documents ready to be submitted. But before we jump to the legal process for buying commercial property Dubai, let’s first take a quick glance at what type of commercial entities are available in Dubai.
Offices
Offices being the most sought-after commercial real estate Dubai is a no-brainer. Every business needs an office to function. In the commercial property niche, you will find plenty of office spaces both furnished and unfurnished to fit your preferences.
The prices of any office space depend on its location, size, and condition. It is advised to do thorough research before buying commercial property in Dubai and explore your options to find the perfect spot and kick start your journey to success.
Retail Spaces
The next most in-demand commercial space is retail stores. Hosting The Dubai Mall, located in Downtown Dubai, which is one of the world’s largest shopping destinations, covering over 12 million square feet, Dubai’s retail space game is top notch. With over 1,200 retail outlets that range from luxury brands to popular high-street stores, retail is a great commercial entity for those looking to start a brand.
Warehouses & Industrial Spaces
Warehouses and industrial properties also fall under commercial property segment. These spaces are the backbone for logistics, manufacturing, or storage purposes. Dubai offers warehouse spaces near major transport hubs to access global shipping routes.
Mixed-Use Developments
Mixed-use properties combine commercial and residential spaces together – giving you the best of both worlds. If you are looking to buy commercial property in Dubai and move to the heart of UAE, mixed-use spaces will be an amazing option.
No matter which type of commercial space you wish to buy, Dubai’s government demands transparency in real estate transactions. How is that possible? Through the Dubai Land Department (DLD) and its Real Estate Regulatory Agency (RERA). If you’re planning to buy commercial property in Dubai, understand the legal framework before proceeding.
You can also check about: 1 Bedroom Apartment for Rent in Dubai
Legal Process for Buying Commercial Property Dubai
Now comes the legal process for buying commercial property Dubai. Once you have decided the type of commercial property you wish to buy, half of your hassle is resolved. The following procedure provides step-by-step guidance for buying commercial property and fulfilling the legal requirements.
Step 1. Deciding Property Type and Terms
The legal process for buying commercial property Dubai begins with finalizing the commercial entity you wish to buy and agreeing on the terms and conditions of the seller. Following this process, you will be signing a Memorandum of Understanding (MoU) or a Sales Purchase Agreement.
Step 2. Obtain No Objection Certificate (NOC)
Obtaining a No Objection Certificate (NOC) is crucial for properties situated outside freehold zones. It also applies to the property you wish to sell in the future. The NOC ensures that the property is free from any financial obligations or legal issues.
Step 3. Begin Application and Payment Process
Once you have reached an agreement, submit an application to the Dubai Land Department (DLD) along with essential documents. In tandem, make the payment for the commercial property’s purchase.
Step 4. Register
Upon application approval, the DLD will register the property under your name. Once the registration is done, you will officially own the property and receive a Title Deed (also known as a Title Certificate) as evidence of your ownership.
Step 5. Pay transfer fees
If you are a buyer, you typically pay the transfer fees. The transfer fees is calculated as a percentage of the property’s value. It is used to cover the administrative costs of transferring ownership.
Navigating Dubai’s real estate landscape on your own may come off as exhausting. If you want streamlined processes, take the help of the best real estate brokerage company in Dubai. A skilled Dubai real estate broker is well versed in tackling legal nuances.
Remember that Dubai property laws keep on changing, so it’s consult with up-to-date real estate brokers who can provide tailored advice based on the latest regulations and guidelines.
Costs and Fees for Commercial Property in 20251
Transfer Fees: 4% of the property’s value to the DLD.
Registration Fees: AED 2,000–4,000 depending on property value.
Agent Fees: 2% commission of the purchase price.
Maintenance Fees: Calculated annually based on property type.
0 Comment