Sandrine Loureiro, Head of Commercial Sales and Leasing at Betterhomes tells us why JLT is becoming one of the areas with the highest interest from commercial tenants.
In the past quarter, Betterhomes has noted a spectacular increase in registrations with Jumeirah Lake Towers (JLT) processing on average 120 new licenses a month. In transacted sales we experienced a 50 percent increase but we did not see an increase in price from Q4 2012 to Q1 2013. Leasing transactions have doubled and average prices have increased by 10 percent quarter on quarter. So what is at the core of this interest?
Sandrine Loureiro, Head of Commercial Sales and Leasing at Betterhomes gives us the top three reasons why clients looks for commercial property in Dubai are choosing JLT:
Stream-lined processes: As a free zone, JLT allows for 100% ownership of their company in a central location. JLT offers two types of business licenses offered through the government licensing authority DMCC. For activities in commodities and related trade/services, there is the DMCC licence, and for other business activities there is the JLT licence.
They have streamlined the registration process to allow a one-stop-shop process at a single location in Almas Tower, the flagship tower of JLT. This assists with everything from immigration to licensing needs. Without corporate tax on individuals or companies, it is also an attractive option. Finally, DMCC allow registration of Limited Liability Companies as well as branches and subsidiaries of local and foreign companies.
Easy Access: It is right on Sheikh Zayed Road and divided into easily identifiable clusters, with joined basement car parking to maximise parking space for customers. It is served by two metro stations, and now the new roads and bridges will soon be finished, it makes for even easier access in and out.
Varied offerings: It is a mixed-use community which offers Commercial, Residential and Retail to buy and to lease, which creates the right amount of foot traffic and visibility. There are numerous options of fitted, shell and core offices to buy and lease ranging from small offices to full floors. As such, JLT has attracted many small and medium size business owners, general traders, commodities traders and consultancy services.