Market Report

The long-awaited Expo 2020 is finally here and has been the talk of the town for over a decade, yet despite only being 2 months into the event, it has already made a big impact, so will real estate in Dubai witness a boom after EXPO 2020?   The event is major in that it will be the first global mega-event to be held since the onset of the Coronavirus pandemic, allowing physical entry of visitors. Dubai has one of the highest vaccination rates globally, with more than 78% of the total population being completely vaccinated. The government’s swift and decisive action throughout this period, as well as the extremely efficient rollout of the vaccine, has allowed the country to regain some semblance of normality. The country has therefore been able to recover quickly and be able to welcome tourists into the country with open arms (albeit socially distanced). The event is expected to bring in over 25 million visitors and bring over AED 122 billion dirhams into the UAE economy. Already we are already starting to see the effect of the Expo on the local real estate market, with October, the first month of the world event, seeing the best October in recent history with a record AED13.2 billion worth of sales transactions.   Rapid commercial expansion  In terms of commercial real estate, there has already been a huge injection of stock into the market, with the development of new shopping centres, hotels and over 400 restaurants, both in and around the Expo 2020 site, something that is only expected to grow as the event is expected to drive international demand. As such, it is expected to open the doors to hundreds of new businesses and investors into the city.  There has been a big growth in terms of the industrial and logistics sector. The location of Expo 2020 has field demand for warehouses and other industrial facilities in and around the area, including Dubai Investment Park and Dubai South. With new businesses expected to enter into this area, the demand and value of these areas is anticipated to grow even further.  With these new businesses expected to expand to Dubai, they will need to find commercial spaces in which to operate. Demand for commercial real estate right now is focused on high-end, well-built units that are also environmentally friendly. Developers would be wise to keep this in mind, whilst also offering spaces that are flexible and allow for tenants and buyers alike to adapt their spaces to their individual needs. Sustainability has been a core value of Expo 2020. It is therefore only natural that there will be a renewed focus on promoting and developing environmentally friendly developments, something which property developers should prioritize.  The future of real estate is green The site of Expo 2020 is already home to 121 LEED buildings, 12 of which have been certified platinum, the highest grade denoted in terms of environmental sustainability. These buildings have been certified as such due to the fact they have been constructed using environmentally sensitive materials, have low carbon impact, have better air quality, and have vastly reduced energy and water consumption. This move towards creating a sustainable urban environment is a trend that will most definitely continue on into the near future, especially with more companies developing a CSR ethos and aiming to be environmentally sustainable. However, this trend is not just limited to commercial property. Multiple countries have showcased in their pavilions the ability to bring environmentally sustainable practices into homes, especially in regards to construction, including Austria, Spain, and the Netherlands. These new technologies will prove fundamental in modern urban planning. UAE based developers should therefore be further encouraged to adopt these more environmentally friendly practices when looking at the bigger picture of the future of Dubai.  The surge in demand for residential investments With such a large number of tourists visiting Dubai due to the expo, it is anticipated that there will be a large influx of investors in the residential real estate market. Investing in Dubai has become increasingly attractive over the past few years due to the thawing of diplomatic relations with several countries, including Israel and Qatar; government incentives, including the introduction of new visas; the reduction of ‘Loan-to-value’ for first time buyers; as well as the relaxation of many of the country’s more conservative, cultural laws. Not only has this promoted investment into the country but has also made the city an attractive place to live. It should also be pointed out that as businesses expand into Dubai, families will come with them, necessitating new housing developments. Overall, government officials have expressed their hopes that one in 20 visitors to the expo would decide to reside in Dubai permanently.  These new investors have had, and are expected to continue having a primary focus on high-end luxury properties, with properties worth over $10 million accounting for over 7% of all real estate transactions. This interest in high value, luxury properties was witnessed by Betterhomes, the sister company of CRC, whose agent Hannah Pratap, secured the biggest leasing deal in the history of Dubai. Developers had clearly anticipated this demand, with new luxury developments being built within close proximity to Expo 2020.  New up-and-coming neighbourhoods  Upgraded and new infrastructure has allowed investment into the areas surrounding the Expo 2020 site, which has meant residing in the outer parts of Dubai a more viable option.There has been massive development of new residential areas, as well as the extension of the metro, and plans for further infrastructure including malls and other leisure facilities.The Dubai Expo site and surrounding areas have been incorporated into Dubai 2040 Urban Master Plan, which will see large-scale changes to the city’s developed areas.  So, what will happen next? Will the real estate in Dubai witness a boom after EXPO 2020? Well, in a nutshell, Expo 2020 is just the beginning of Dubai’s new future. This global event is expected to kickstart business development and encourage foreign investment into the country, which will allow the country to further diversify its economy and create a thriving, attractive place to both live and work. 

Over the past few years, Dubai has made extensive reforms to its immigration policies, introducing new types of visas. These new visas commonly referred to as ‘Golden Visa’s allow individuals who have made significant economic investments into the country to live in Dubai for a certain number of years. This includes owning or purchasing real estate. The aim of these new visa categories and long term residency programmes is to develop business in the region, as well as to attract and retain new talent and high net worth individuals into the city.  So who is eligible for these visas. Well, all non-citizens who own at least one property that has a value of at least AED 1 million are able to apply. Whilst the property can be mortgaged, it can only be a maximum of 50% of the property value. Individuals who jointly own property are eligible to apply also on the condition that each individual share is worth at least  AED 1 million.  Retirement visa  If you wish to retire to the UAE, you may be eligible to apply for the UAE’s retirement visa. To be eligible for this visa, applicants must be over 55 years old and have either AED 1 million invested in property;  a bank deposit of no less than Dh1m; or an active annual income of at least Dh180,000. Lasting 5 years, the visa can be renewed, providing the investments are maintained.  Are there conditions on what type of property qualifies?  In short, yes. In order to qualify for the visa, the property must meet certain criteria. For one, the investment must be into residential property and not commercial property. What’s more the property must only be freehold. Freehold properties, (as opposed to non-free hold/leasehold properties), allows buyers to own the land their property is built on. In the UAE, non GCC residents are unable to purchase non-freehold properties.  It is also not possible to apply for this visa if your property is purchased off-plan. Off-plan refers to when individuals purchase a property directly from the developer before its construction is complete. Whilst they can be an attractive option, as they are typically sold at a lower rate than properties on the secondary market, it will not grant you eligibility for a golden visa.  How long does the visa last?  The validity of the visa is dependent on the amount of investment. Essentially, the more you invest, the longer you can stay in Dubai. As mentioned above, the retirement visa lasts for 5 years and can be renewed. For the golden visas, if you invest AED 1 million, the visa lasts for 3 years. If an investment of AED 5 million or more is made, then the visa will last for 5 years. Irrespective of the investment amount,  providing the individual maintains their investment, individuals will maintain their eligibility and the visa can be renewed. If in the event, the investment either decreases in value or the applicant are unable to keep the investment, the renewal of the visa will be evaluated on a case by case basis.  What can AED 1 million buy? If you are planning to settle in Dubai with your family, then the city is home to some beautiful villas . With a budget of AED1 million, you can find 2-3 bedroom villas in one of Dubai’s villa comunities.  These communities tend to have lovely amenities, such as pools, parks, and gyms. . If you are looking for something smaller, or closer to the main hubs of Dubai, The Marina and Downtown Dubai are home to some gorgeous apartments. An AED 1 million budget will allow you to buy a spacious apartment in one of Dubai’s more prestigious towers. With so many options in Dubai, it would be advised to go to an experienced real estate brokerage who will be able to help you find the perfect home that will fulfil the requirements for you to get a golden visa. Determining the value of your property Some applicants may already own a property in Dubai. So how do you know if the property fits the requirements to grant the owners eligibility for the Golden Visa? Providing the property is in a freehold area, the primary concern would be the value of the property. Whilst many estate agencies will offer free appraisals, this may not be reflective of the true value of the property. Instead, it may just be a reflection of the current market sentiment and conditions. As such, it is recommended to go to a RICS accredited and highly experienced surveyor. They will be able to perform a full inspection and provide a detailed and comprehensive valuation report. This will allow the homeowners to correctly identify the value of their property, and if it meets the minimum investment requirement of AED 1 million.  For more information about purchasing or valuing a property book a meeting with an experienced estate agent, or one of our valuation specialists.

We are at a point where we are seeing a dramatic shift in the commercial real estate market, with the following question being raised, ‘Are companies buying offices to avoid future price hikes?’. For the first time in nearly a decade, prices are on the up, both in terms of leasing and sales, causing a sudden surge in demand in office sales, before prices get even higher.  Yet before we delve into the idea as to whether companies are buying offices to avoid future price hikes, it is better to first understand the reasoning behind this surge in demand, or more to the point, what is currently happening with office rents.  Office rents; What is happening? This year has seen rents at a 9-year low, but things are changing. For the first time in 5 years, rents have increased and beginning to stabilise.  So what has happened?.   Over the past 8-10 years, Dubai’s commercial property industry has seen massive oversupply within the market for office space, and as such, the city has not seen many new major developments to increase supply in the market. As of now, the market is in a much more mature stage with a much wider range of commercial office spaces existing.  That withstanding, we are now at a turning point where demand is starting to outstrip supply. New stock that has entered the market has generally been re-purposed spaces that landlords and developers have configured in order to re-structure their assets so as to keep on top of the trend of increasing office demand. With no new major developments on the horizon, this trend is set to continue, and as such prices have to go up.  Rental prices for offices have begun to see signs of change first time in five years. Rents at prime office addresses have started to stabilise as demand starts to build up among tenants for bigger floor spaces and flexible fit-outs. With demand for these spaces increasing, potential investors and buyers are seeing new opportunities in the market. This is especially the case when one considers that Expo 2020 is just around the corner, which is expected to bring in new business opportunities for the city. As new companies decide to enter the Dubai market, this will only increase demand for office spaces.  So rents are increasing; how is this affecting buyer demand? Over the past few months, we have seen an incredible increase in the number of office sales.  Whilst the idea that office sales are on the rise, might seem counterintuitive, given that remote working has seen a huge spike in the last year due to social distancing rules,  yet the figures clearly speak for themselves. Managers and decision markets within companies are realising that work from home is not a permanent solution, with physical office space still being essential to most businesses. In terms of office sales, we have seen a 132% increase from last year, up from a 4% decrease last year. Prices are only just beginning to start picking up again, with the cost of offices slowing moving back to pre-pandemic levels.  Bearing in mind that these are the buyers, whilst demand for office space is increasing, that is not to say demand for all types of offices rather they are looking for prime office spaces that are move-in ready. This means buyers are looking for spaces that are fully fitted and move-in ready, that they do not have to spend money on before tenants sign a leasing contract.  It is, therefore, the expectation that current landlords who own shell and core spaces, to convert them to be fully fitted, and even furnish them, in order to satisfy current demand.  Although tenants want spaces that are move-in ready, they are also looking for spaces that can accommodate flexible workspaces. It has been realised that rather than leasing bigger spaces, it is becoming the preference for multi-functional areas, that can be easily changed to accommodate different needs.  ‘Green’ office spaces are also seeing a surge in popularity, with an increasing number of companies looking to secure office space that is environmentally friendly, especially since more companies are adopting, corporate social responsibility ethos and policies, wth plans to be more environmentally sustainable. As such Grade A buildings are becoming a priority, especially for larger companies.  It is for these reasons that whilst demand in some areas are increasing, older, less modern buildings are becoming harder to sell, due to there being a lack of demand from tenants.  This can be seen particularly in some of Dubai’s older communities, such as Deira, Bur Dubai and Garhoud, where average rents have been decreasing year on year by 20-25%, with demand dropping in favour of Dubai’s newer communities. It is these factors that potential buyers and investors need to consider, before deciding to make a purchase. So offices are in high demand, but who is buying?  Probably the most unexpected buyers, are businesses themselves. Whilst it has been relatively uncommon for businesses to buy their own commercial property, with prices at such a low point, and with rents and service charges increasing, they are seeing new opportunities.  These companies are realising that buying offices in this current market will make more financial sense in the long run, as it will allow them to save on annual expenditures, which is expected to only increase in price. Although businesses are increasingly deciding to buy the spaces that they are operating in, they are not the only players within the market, with there being an increasing number of investors and individual business owners/CEO’s who are deciding to enter into the commercial property industry, or more specifically, office spaces.  CEO’s and company owners are choosing to buy offices with the idea to rent them out directly to their company. With prices being low, CEO’s can ensure not only does the company get a good price in terms of rent, but also will allow the individual themselves to have a solid investment for several years to come. What is more, they are purchasing more office space than necessary, so that their current business will expand into. Commercial sales Investors, both within the UAE and outside, are realising that prices are at a low point, with the belief that with the upcoming Expo 2020, prices will be on the rise again. As such, they are wishing to lock in the prices early, before the property market sees a price hike, allowing them to earn good capital when they decide to sell the property through capital gains. What is more, with rents increasing, investors are seeing offices as a good opportunity to secure alternative income streams. We are also seeing that current tenants are trying to secure longer lease terms. Whilst the primary aim for this is to ensure they do not encounter massive rent hikes, it benefits investors in providing longer-term security in terms of guaranteed income.  So, are companies buying offices to avoid future price hikes? Well in short, yes. Companies are now realising that now is the best time to purchase office spaces in order to help reduce costs, due to the expected rise in rent and service fees, over the upcoming months and years. With that being said, the demand for all offices is not the same. The demand, is for high quality, fully fitted, and environmentally sustainable offices, and it is here that we will see prices rise. The unfortunate news is that older offices, especially in the older parts of Dubai, are likely to see continued drops in demand, which will force landlords to drop their prices.  It should also be pointed out, that it is not just businesses who are seeking to take ownership of their offices. Investors are also seeing a massive market potential and understand that this is the time to invest in prime, good quality, and environmentally sustainable office real estate If you or your company are looking to buy office space, contact us today to book a consultation with one of our commercial property consultants.

Download Report : CRC, Betterhomes Group company and Dubai’s largest commercial real estate agency, released the Q3 2021 Dubai Property Market Report, which provides an overview of Dubai’s commercial property market, looking into both sales and leasing. With prices picking up for the first time in several years, the volume and value of sales transactions increased significantly over the last quarter. The long-awaited Expo 2020 officially started on October 1st, further increasing positive business sentiment and opening doors to an increasing number of foreign investments which will create additional demand for commercial property.  Commenting on the report Ben Bargh, Director at CRC, said “As we head into the final quarter of the year, it is safe to say that we are seeing major changes in the commercial real estate market. For the first time in over several years, prices are picking up again, with the market making an almost complete recovery, and returning to pre-pandemic levels.” “Restrictions that were implemented at the same time last year have been heavily lifted, allowing individuals to regain some semblance of normality and have greater trust in the current state of affairs. As such, it is clear that companies are increasingly more optimistic about the state of the market, and therefore resuming normal business activity”, Ben continues. Increasing prices in the market have slightly slowed momentum in Q3 2021, with buyers and tenants shifting to purchase and rent bigger and better commercial properties at fewer numbers. Looking at the previous three quarters, gives us a good indication of the state of the market before the pandemic, during the pandemic, and now, as we are navigating our way out of it. Transacted value for offices has risen above pre-pandemic levels, dramatically increasing from AED 4,956,140,001 to AED 6,535,537,832, whilst the number of units sold has increased from 1399 in Q3 2019, to 1478 in Q3 2020, to 1736 in Q3 2021.  Total transaction value, DLD (AED) Transactions for office spaces are primarily in freehold areas such as Business Bay and JLT, which have remained the most desirable places for companies to conduct their business.  The demand was on the upward trajectory for both sales and leasing when it comes to retail in Q3 2021, with a 47% increase in the number of registered buyers. The number of buyer leads has decreased by 18% for office spaces and increased by 61% for warehouses. The retail industry has grown dramatically, with high numbers of transactions in International City, Business Bay, and JLT. Whilst the overall number of transactions in Arjaan and JVC have been fewer than the top retail communities, it is expected that these communities will see a burst of transactions over the coming months, as it is anticipated that prices will remain low, with a large number of handovers that are expected to happen.  With the economic activities going steadily up, property investors are coming back to the commercial property market, with the number of commercial property investors seeing a year on year increase of 13%. It is expected that more investors will enter the market and continue this upward trend due to the ongoing Expo 2020. In regards to leasing, there has been a significant increase in the average size of property spaces in last quarter’s leasing deals. A large number of clients are businesses that downsized during the pandemic, who have greater confidence in the market and so are now looking to upgrade again.  Leasing transactions at CRC Tenants look for larger spaces that are move-in ready, with high-quality fit-outs. As such Grade A buildings are becoming a priority, especially for larger companies. With a lack of supply when it comes to quality buildings, increasing demand for premium office space, and a rise in the number of international businesses in the market, it is expected that rental prices will continue to rise. For a more detailed insight into the current state of Dubai’s commercial property market, download our report below.  Download Report

Download Report Following a strong  Q4 2020, optimism started increasing in the market, with signs of recovery visible in the economy in general, but in the real estate market as well. The pandemic forced businesses to question how they work, where they do business, and whether to adopt a work from home or office model or a hybrid.  Although employers offer more flexibility, it is clear that many businesses have and will continue working from the office. In addition, increasing number of new businesses registered in Dubai has helped increase the demand for commercial space. The number of transactions in commercial space has more than tripled in Q2 2021 compared to Q2 2020 and the total transferred sales price of ready units by over AED 2 billion in H1 2021, compared to H1 2020.  We are also seeing that buyers are gaining confidence in the market and looking to start investing again. As such, we saw a 13% increase in the number of investors, which is expected to rise as the market resumes normal activity. In regards to location, we have seen an overwhelming increase in both Business Bay and JLT. It has been interesting to see that JLT has outpaced Business Bay, making it the most popular area for office sales this year. What’s more, average sales prices increased by 9% with average office sizes also increasing by 19%, showing that companies are becoming more willing to spend more on nicer, bigger office spaces for their business.  In terms of retail, the highest number of transactions was seen in International City, with a year on year, the area that saw the most growth was Mohammed Bin Rashid City. With that being said, units in MBR have primarily been off-plan sales that are due for completion within the next few years. When looking at the leasing sector, we saw an 82% increase in tenant leads, showing there is growing interest within the market. This was especially the case for retail which saw a very significant increase of 186%. Whilst there was a lot of uncertainty surrounding retail units last year due to the heavy restrictions and curfews imposed on the population, as these are being lifted, there is increasing demand for retail and subsequently growing confidence in the market.  The well anticipated Dubai Expo 2020 is likely to keep the media eye focused on Dubai and it is likely that the confidence in the market will remain.  For more market insights into Dubai’s commercial real estate market, take a look at our latest report, which gives a detailed and in depth look at the state of the industry throughout H1 2021. Download Report

Whether you are looking to cash in on your property investment, or maybe you are looking to upsize your company working spaces, maximising the value of your unit will always be a key goal. Take a look at our top tips on the best way to sell a commercial property, which will help make the process for you, whatever the reason for selling, as easy as possible.  Understand who your potential buyers are  If you own a commercial building, be aware of what type of tenants will be able to occupy your building. As such, it is essential to understand what the necessary permits and licenses are required for any potential occupier of your property. You should also be aware of who your potential will be, i.e. are they an investor or an end-user. Investors will want to know the number of tenants, or otherwise, the occupancy rate of your property, as well as the quality of the tenants, meaning, are they generally smaller companies or start-ups or have they been tenants with good covenant strengths that have secured longer lease terms. Highlighting either the quality or the number of tenants will increase the value of your property and make it more attractive to potential investors. Investors will also want to see an expenses sheet that includes costs such as maintenance fees, chiller fees and any other costs, and how this would affect the properties yield.  Ensure your property is in good condition Any upgrades to your unit would be welcomed by potential buyers, especially if they improve the property’s environmental footprint. Making environmentally conciseness improvements can increase the value of the property by reducing operational costs. This could be as simple as insulating the property and switching to efficient light bulbs. If you are looking to attract large companies, more of them will have corporate social responsibilities and will only occupy energy approved assets. With that being said, whilst making improvements can make your property more attractive and drive the price up, cost does not necessarily equal value, so plan carefully what and how much you spend on improving the unit.  Smaller improvements such as a fresh lick of paint, fixing any minor repairs, doing a professional clean, including carpets, will all make your property more attractive to potential buyers and do not cost a lot of money. However, first impressions do count, so both the interior and exterior of your property should be well maintained. Go with a trusted brokerage firm A large, reputable commercial real estate company will have both a network of contacts as well as a well-dedicated marketing team, which will allow your property to get the market exposure it deserves. This includes listing it on all the appropriate portal websites, creating a ‘for sale’ board to put on your property, as well as providing a unique property marketing flyer that will highlight the unique selling points of your unit, be it the location, to send to potential clients.  A good brokerage will generally have a photography team who specialise in property photography and, therefore, will be able to show off your unit in the best light possible. With that being said, the most important aspect of a good trusted brokerage firm, is that they will have the expertise and industry knowledge to guide you through every step of the way.  Understand the market Whilst an experienced broker will help you price your property right for the current market conditions, it is a good idea to do some prior research yourself in order to manage your expectations and to ensure the property is listed at the market asking price. This will also give you an advantage when you get to the negotiation stage of selling. You can conduct your own market research by taking a look at quarterly market reports and by finding asking and sale prices of similar assets. With that being said, the best way to determine the correct value of your property would be to have an independent valuation by a chartered surveyor.  If you are looking to sell your property, we recommend finding a good commercial broker to help you on this journey. 

Download Report The commercial real estate market is recovering Whilst the Dubai economy faced severe disruptions last year; it is clear from Q1 that the commercial real estate market is making a steady recovery. As Dubai eases its lockdown restrictions and we navigate our way out of the pandemic, there is increasing consumer confidence, with Q1 seeing investors come back into the commercial real estate market. When it comes to office and retail spaces, the market was booming in the past quarter, which saw significant growth in transacted values and the number of transactions, with a 12% and 45% increase, respectively. However, if we also take into account hotel apartments and land data, the overall market actually showed signs of slowdown with a 4% drop in the total number of transactions. Decline in demand for land and hotel apartments Hotel apartment and land transactions saw a steep decline over the past three months. Hotel apartments had difficulties in attracting buyers due to the general uncertainty surrounding the tourism industry post COVID-19. The decline in land transactions is not surprising when you consider the steep drop in off-plan transactions and the fact that many off-plan projects have been put on hold. As such, we can expect that both the demand and value of land will continue to remain low in the short term. Business is booming in Business Bay and JLT  The two most prominent areas for commercial office space were Business Bay and JLT, both of which saw continued growth in demand. CRC’s transactions increased in JLT by 60%, while Business Bay had a 50% increase. These two areas combined accounted for 82% of the total number of transactions in Q1, showing they are the two key areas for commercial office space investment. The popularity of these two areas can be attributed to their unbeatable location and their easy access to the city’s metro network and arterial roads.  The increase in demand for office spaces can also be down to the fact investors are returning to the commercial real estate sector. We saw the number of investors in the market up 19% since last quarter, with returning confidence in the market as the country begins to navigate through the other side of the Coronavirus pandemic. The average size of offices leased increased in Q1 At the beginning of the lockdown, many companies made a knee jerk reaction, reduced the number of staff and decided to downsize their office space. However, from the start of Q1,, companies started hiring again, increasing the number of staff and deciding to return to bigger offices. With the market for offices currently at attractive prices, we can see companies securing bigger offices for longer contract terms in a bid to lock in these more affordable rates. As competition increases in Dubai’s business hubs, with new major commercial developments such as ICD Brookfield in DIFC, which has just recently opened its doors for tenants, we can expect prices to remain competitive. For more insight into the Q1 2021 real estate market, then take a look at our full report. Download Report

When owning a commercial property as an investment, one of the biggest priorities is ensuring that it is advertised effectively so that it can be leased not only quickly, but at a fair price. Here is our guide to what your property broker should be doing in order to get your unit off the market as efficiently as possible.  Organise a professional photoshoot  Successful real estate has a big reliance on photography, especially nowadays when visiting units in person can be more challenging due to various restrictions. Unprofessional photos will diminish interest even for a great property. Therefore, it’s very important to have professional photos of your properties. Hire a professional photographer (preferably with real estate experience photography, who will be able to show off your unit in the best light possible. Most of the largest brokerages have their own dedicated photography team specialised in property photography.  Create a property marketing flyer  Your broker should provide a flyer or brochure that features high quality images of the property, the rental price, a location map, a list of property features and highlights, as well as contact information. These brochures should be distributed to inquiring tenants, either in person or through texts or WhatsApp from the broker, as well as to be available for download on the broker’s website.  It is crucial to highlight the key selling points of the community, be it the location, the amenities, or any other feature that makes your property stand out from other units.  List your unit on property portals There are many different property portals in Dubai. Portals are a great tool for marketing a property, in fact they are among the most visited real estate websites in the UAE, and have been becoming increasingly popular over the last year, with coronavirus restrictions having a negative effect on being able to do in-person viewings.  A good listing should present an accurate depiction of your property, whilst a good agent will go that extra mile to verify your property. This assures potential tenants that the listing is not fake, something that is a problem in this industry.  Put up a ‘For rent’ sign Something else that good real estate brokerages should do, is put up signage of some form advertising the property. This could be a sign outside of the unit or a billboard on the building itself. Good signage should have key information and the contact details of your brokerage. This should lead to greater exposure and will let people in the area know that your property is on the market. These few things will make a significant difference in being able to market and rent out your property effectively. As such, any reputable agency will do all of this and more. At CRC we pride ourselves on being able to work closely with our clients, doing everything we can to get their property rented out to the most suitable tenant. If you would like to find out more information on how we can help, then contact us today to arrange a free consultation. 

The  pandemic  has  significantly  impacted the real  estate industry in  Dubai,  which  was  disrupted  with  the lockdowns, restrictions, and growing trend of working from home. Recovery in the commercial market was slightly slower compared to residential real estate, but it has also enjoyed a boom in the Q4. What  were  the  key  trends  we  have  noticed?  When  it  comes  to  office  units,  we  have  seen  a  number  of companies downsizing to accommodate their new working from home arrangements, as well as companies that wanted to utilise favourable conditions to upgrade to high quality office space. The retail market has struggled over the past year, with the restrictions of movement, closures,  and  even  today  with  a  limited  number  of  customers  they  can  accommodate  in  their  premises.  However, by the end of 2020, we have seen an increase in the number of units sold, something that can be attributed to the actions taken by the Central Bank as well as a comprehensive 100 billion dirhams ($27.2 billion) economic plan helped businesses mitigate the impact of the outbreak. The liberalisation of business laws also came as welcome news to foreign investors and expat business owners. Another  factor  that  helped  nurture  this  favourable  business  climate  was  the  resumption  of  diplomatic relations with Qatar and Israel. This will undoubtedly open the door to new trade and business opportunities, acting as further stimuli for businesses in the country. The fact that the total value of commercial units has decreased will likely mean that investors looking to take advantage of the economic situation will make 2021 a good year in terms of the number of transactions. This can be seen from the fact that despite buyer leads seeing a year on year increase of 79% throughout 2020, this was not reflected in the number of transactions. This might indicate a growing interest in purchasing a commercial property, with buyers waiting for 2021 to see what happens in terms of the economic situation. For more insight into the 2020 real estate market, then take a look at our full report. Download Report