Dubai commercial real estate sales value jumps 89 percent in first half of 2022: Report

 

The huge increase in demand comes as Dubai’s property market experiences a post-pandemic surge driven by government-led reforms and initiatives

Commercial real estate in Dubai has seen a staggering increase in demand throughout the first half of 2022, with an 89 percent increase in sales value and a 38 percent increase in units sold compared to the first half of 2021, real estate company CRC said.

The growth in demand for real estate over the past six months has been driven by a variety of factors, with CRC noting in particular that “economic reforms such as 100 percent foreign ownership, ever-evolving visas initiatives, and the efficient management of the pandemic have been instrumental in creating buoyancy in the commercial sector.”

In addition, the growth in demand also comes after many business owners, both within the country and out, invested in Dubai’s commercial real estate post-pandemic. “As Dubai returned to normal, demand for office and retail spaces increased, and we have witnessed more commercial activities around the city.

“Dubai’s commercial property market will continue to attract both local and global businesses from around the world, resulting in increased commercial activities and continued growth. The setting up of global offices by tech giants is evident of the trust Dubai holds among all kinds of businesses including IT, fintech, e-commerce, and crypto,” CRC director, Ben Bargh said in the firm’s report.

CRC also pulled out retail spaces in particular as “huge in demand” compared to other commercial real estate sectors in Dubai this year.

As per the financial report shared by CRC, offices recorded a 19 percent increase, with spaces in Business Bay and Jumeriah Lake Towers attracting several enterprises. Retail sales saw a rise by 64 percent compared to last year, with the top areas being International City, Jumeirah Lake Towers and Business Bay.

Dubai has increased in popularity as a global business hub, with many international firms looking to set up shop in the emirate. New licence growth outpaced renewals, a factor that will continue to drive demand for office and retail sales, CRC said.

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