Legal & Financial
Unlike the local 'freehold' market for purchasers the rental market is much more established, with residents only having been given the choice to buy in Dubai in 2002. That said the way in which the market operates may be a little different to what you or your company are used to.
Tenancy contracts
Commercial tenancy contracts also differ and can cover many different areas of consideration for the tenant. These contracts are very often offered for longer periods than the standard 1 year with residential properties. Business considerations should be given to signing a longer lease however if you are required to carry out any alterations or 'fit-out' then you may wish to amortize these costs over a period of 3 or 5 years without fear of having to move again.
Rental prices
Rental prices for both residential and commercial property have increased significantly over the recent past. This has forced many individuals to reconsider their needs and look for alternative accommodation and likewise businesses to consider space needs, location and future growth requirements. Prices vary dependent on the usual factors and our advisers can help you to understand what will meet your budget.
Rent is usually paid in advance in one cheque amounting to the total due for the whole year. On occasion landlords do agree to taking 2 or 4 post dated cheques. These are given up front and tenants are obliged to honor the payment of these cheques as it is illegal to bounce a cheque on Dubai.
Costs
Dubai Luxury Homes operates in line with standard property market practice in Dubai. The rental price that you are quoted is the actual amount that will be paid to the landlord. In addition to this you are required to pay a fee to the company for our services equivalent to 5% of the total rental price signed for on the tenancy agreement.