Dubai Market Snapshot Q3 2021 (image)

Dubai Market Snapshot Q3 2021

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.

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