How to sell commercial property in Dubai

Benefits of selling a commercial property in Dubai

Before understanding the benefits of selling commercial property in Dubai, it is important to define it first. 

Commercial property can include a range of different property types including: 

• Retail spaces 

• Warehouses 

• Office buildings 

• Industrial facilities 

• Mixed-use developments 

Commercial properties are generally utilized for business purposes or generating income through rental agreements.

In Dubai, the commercial property market is largely divided into two zones - the free zone and the mainland. Both zones have their own set of rules, regulations, and benefits. 

So, how does selling a commercial property in Dubai benefit you? Here are some advantages of doing so: 

• Upon leveraging ideal market conditions and maximizing your commercial property’s value, selling a commercial property in Dubai will help you capitalize on your initial investment and gain high monetary returns. 

• If you sell one commercial property in Dubai, you gain experience and can explore new investment or business opportunities without having to bear the responsibilities of property ownership. 

• Selling commercial property in Dubai can help you free up capital for other business or entrepreneurial ventures. It also helps you diversify or realign your business portfolio. 

How to prepare for selling your commercial property in Dubai

Suppose you plan to sell commercial property in Dubai. In that case, it is very important to have a detailed process, as selling commercial property in Dubai differs from selling residential property. 

The biggest question commercial property owners pose is, “How to sell commercial property in Dubai?” Following a tried and tested process not only helps you avoid any difficulties but also ensures a smooth selling process overall. 

Research the market

The first step to undertake when you sell commercial property in Dubai is to conduct due diligence and thoroughly research the property market. Analyse current market trends, future predictions, and statistics such as rental rates over the years, vacancy rates, and comparable properties in your surrounding areas. 

This information will not only help you identify unique selling points for your commercial property but also set the correct prices for your property. 

Understand the legal process and regulations

There are various rules and regulations for selling commercial property in Dubai. Understanding the legal process is highly important as any legal mishaps on your end may result in consequences. 

It is recommended to consult accredited legal professionals who are aware of the city’s legal framework. They can help you understand aspects such as zoning regulations, preparing documents, and more. 

Consider hiring a professional broker or agent

Many owners who wish to sell commercial property in Dubai often get confused with the process. In such circumstances, working with a RERA-accredited commercial real estate agent is highly advised.

With a commercial real estate agent, you can avail of services such as in-depth market knowledge, a wide network, negotiation skills, and smooth facilitation of property-related transactions and procedures. 

Prepare documents to be presented to prospective buyers

When you sell commercial property in Dubai, preparing and compiling all the necessary documentation beforehand is of utmost significance. Your commercial property paperwork may include the following documents: 

• Title deed 

• Lease agreements 

• Tax records 

• Environmental assessments 

• Property’s financial statements 

Compiling these documents beforehand for prospective buyers saves you a lot of time and also shows your commitment to ensuring a smooth sale. 

Compile an accurate property description and photos

It is time to advertise your commercial property. The first look prospective buyers get at your commercial property can be a make-or-break moment. This is why you must prepare a detailed property description, highlighting all the amenities and conveniences of your commercial property. 

To back up your description, you should also provide high-quality images and videos highlighting your commercial property’s features. Many commercial real estate specialists will engage the services of professional photographers to create the best first impression. 

Set an appropriate asking price

The research you carried out beforehand will aid you in setting the correct price when you sell commercial property in Dubai. You can also consult with your real estate agent to set a competitive yet realistic price. 

Best areas for commercial property in Dubai

Here is a list of some of the most desirable areas in Dubai for those seeking to invest in or buy commercial property:

• Business Bay 

• Jumeirah Lake Towers

• Deira

• Dubai Silicon Oasis 

• Al Quoz

• Jebel Ali 

In general, the best area for your commercial property will depend on a few factors, such as your budget, business type and space requirements.

Finding potential buyers and showing your property

Once you have compiled all necessary documentation and begun listing your commercial property for sale, it is advised to implement certain strategies that will help you reach potential buyers and effectively close a sale. 

Use online sources to reach potential buyers

The best way to advertise your commercial property is to utilize online platforms. There are various commercial property listing websites you can post on - ensure that you have provided accurate information about your property with eye-catching images and videos. 

Contact commercial brokers in your area

When you sell commercial property in Dubai, it is recommended to contact commercial property brokers in your area as they already hold an extensive network of potential buyers, which you can capitalize upon. They can also give you increased exposure and more leads. 

Advertise in local newspapers and property magazines

Another option for listing your commercial property could be through property magazines and classified sections of newspapers. While this is a more traditional method of advertising, it could still help narrow down your target demographic to interested investors, entrepreneurs, and business owners. 

Utilize Open House Events and Showings

An important step while selling commercial property in Dubai is to host open houses and property showings for potential buyers. You can host such events in collaboration with your real estate agent. 

Before conducting an open house or showing, ensure that your commercial property has been thoroughly cleaned, has proper lighting, and is show-ready. 

Ask for referrals from people in the real estate industry

When you sell commercial property in Dubai, connecting with your network and asking for referrals from professionals within the real estate market can tremendously boost your chances of making a sale. People within your network may know others who are on the lookout for commercial properties. 

Conclusion

The answers to the question, “How to sell commercial property in Dubai?”, along with the process, are relatively straightforward.

Once you have decided to sell commercial property in Dubai, it is important to plan carefully and ensure that each step of the process is executed effectively. 

Ultimately, partnering with commercial real estate specialists will be the best way to ensure a smooth, hassle-free selling experience.

Why choose Engel & Völkers to sell your commercial property

For over 45 years, Engel & Völkers has been specializing in the sale of residential and commercial real estate.

With a team of over 16,500 real estate specialists in more than 35 countries, we are committed to helping your business thrive in Dubai and across the world.

If you require any assistance or information about the process of buying, selling or renting commercial properties in Dubai, email us at dubai@engelvoelkers.com or give us a call at 800 3555.