Commercial property investment in Dubai
Considered the most modern and cosmopolitan city in the Emirates, Dubai has long been established as the business and tourist centre for the region. Its geographical location between the eastern and western worlds, its concentration of international hotels and its access points to an estimated 1.5 billion people in the region all combine to create a truly world-class city.
Large scale investment in infrastructure, including the Dubai International Airport and the Dubai International Financial Centre, along with the completion of the Burj Dubai Tower, the world’s tallest building in January 2010, has led to global property recognition.
Foreigners have been allowed to purchase both residential and commercial property in designated foreign ownership developments since 2002. This has resulted in a vibrant and profitable property market. The substantial expatriate populations and investors are continuing to boost a strengthening rental market.
Buying commercial property in Dubai has been facilitated by the introduction of property law covering foreign ownership. The Land Registry in Dubai is registering titles of foreign ownership and new laws have been recently been announced, which establish owners’ rights and obligations in common hold buildings and communities. Office suites are available to purchase in a range of buildings and locations from 1,000 sq ft upwards.
Although there is no capital gains tax in Dubai, a land registration fee is payable to the government of Dubai of 2% of the purchase price.
Key services include:
- purchases, either in the primary market, direct from the developer or in the re-sale market
- disposals
- lettings
- property management