The transition to normalcy with robust public health & safety measures, the successful inauguration of Expo 2020 and a raft of demand drivers are collectively accelerating Dubai’s real estate recovery.
Office Market
- Over 990,000 sq. ft. of total office space has been delivered YTD 2021. Major handovers include the first phases of the Deira Enrichment Project and Dubai CommerCity.
- Occupancy levels improved across Grade A, B & C office districts with city-wide office occupancy levels increasing from 76% to 78%.
- First-phase expansions witnessing a rise and currently account for nearly 40% of our office inquiries.
- Most of New Dubai office districts have either seen average year-on-year rents stabilise or witness an uptick.
Residential Market
- The highest-ever quarterly residential secondary market transaction values were recorded in Q2 and Q3 2021.
- Dubai to see the highest annual residential handovers over the last decade with 24,000 units delivered YTD 2021 and 13,000 units forecast for Q4 2021.
- City-wide villa sales prices saw a robust 16% year-on-year rise while city-wide apartment sales prices saw a nominal 2% rise.
- City-wide villa rents saw a 14% year-on-year rise while apartment rents are yet to recover and are 5% lower than in Q3 2020.
