Robust Growth in Dubai’s Commercial Real Estate Market – BNN Breaking

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Dubai’s Commercial Real Estate Market Soars in 2023

The commercial real estate market in Dubai, a vibrant hub renowned for its towering skyscrapers and sprawling shopping centers, has witnessed a significant surge in sales during the first eleven months of 2023. The sales have surpassed the total recorded in the previous year, 2022, indicating a robust demand for commercial spaces and a potential expansion of business activities in the emirate.

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Surge in Commercial Property Sales

Data from the Dubai Land Department reveals that commercial property sales reached 6 billion dirhams through 3,554 transactions, representing a 46.3% increase compared to the same period last year. The previous year saw the sales of 4.1 billion dirhams through 2,776 deals. Interestingly, this year’s sales have already eclipsed the full-year sales of 2022, which amounted to 4.5 billion dirhams from 3,034 transactions.

Distribution of Sales

The sales were divided between commercial offices and retail shops. The former accounted for 4.2 billion dirhams through 2,504 transactions, while the latter totalled 1.8 billion dirhams through 1,050 deals. The Business Bay area emerged as the leader in office space sales with 1,170 transactions valued at 1.8 billion dirhams, followed by Jumeirah Lake Towers and the Burj Khalifa area. The Burj Khalifa area recorded the most expensive transactions, with the top three deals amounting to 49 million, 44 million, and 35 million dirhams respectively.

October Tops Sales Chart

October 2023 emerged as the month with the highest sales for the year, recording 778.4 million dirhams across 430 deals. Luay Al-Fakir, CEO of Provident Real Estate, opined that the growth in demand for commercial properties showcases an improvement in the economy and the attractiveness of Dubai as a business and investment hub. He further added that the city’s position as a global business center is expected to sustain its growth into 2024.

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