Dubai Annual Market Update 2021/2022 (image)

Dubai Annual Market Update 2021/2022

2021 saw robust recovery across all performance metrics of rents, capital values, transaction volumes, and we expect this upward trajectory to continue in 2022, albeit at a slower pace.

Office Market

  • Q1 2022 city-wide office occupancy levels at 81%, the highest it has been in the last 5 years
  • Coming off historical lows, citywide office rents are up by 15% year-on-year
  • Office demand continues to be led by the services and technology sectors, particularly by fin-tech firms
  • Over 480,000 sq. ft. of total office space was delivered in Q1 2022 while an additional 1.07 million sq. ft. is expected over the remainder of 2022

Residential Market

  • Following years of slowdown, new project launches significantly up in Q1 2022
  • The highest monthly residential transaction volumes were recorded over March 2022
  • Citywide average villa sales prices are up by 21% and apartments by 9% year-on-year
  • Citywide average villa rents are up by 23% and apartments by 10% year-on-year
  • Over 6,700 residential units were delivered in Q1 2022, while a further 31,000 units are expected over the remainder of 2022, keeping the total forecast for 2022 at 38,000 units

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