According to real estate firm CRC, demand for commercial real estate in Dubai has skyrocketed in the first half of 2022, with an 89 percent increase in sales value and a 38 percent increase in units sold over the same period in 2021.
In particular, CRC notes that “economic reforms such as 100% foreign ownership, ever-evolving visas initiatives, and the efficient management of the pandemic have been instrumental in creating buoyancy
in the commercial sector.” The increase in demand for real estate over the past six months has been fueled by a variety of factors.
The increase in demand also follows the post-pandemic investments made by numerous business owners, both domestically and abroad, in Dubai’s commercial real estate. “As Dubai’s routine resumed, the need for office and retail space grew, and we have noticed an upsurge in commercial activity throughout the city.
“Dubai’s commercial property market will keep luring both regional and international companies from all over the world, leading to an increase in business operations and continuing expansion. The establishment of worldwide offices by digital giants is evidence of the confidence that Dubai enjoys from various industries, including IT, fintech, e-commerce, and cryptocurrency, according to CRC director Ben Bargh in the company’s report.
Compared to other commercial real estate sectors in Dubai this year, CRC also singled out retail spaces as being in “great demand.”
According to CRC’s financial report, offices saw a 19 percent growth, with Business Bay and Jumeriah Lake Towers spaces drawing a number of businesses. Comparing this year to last, retail sales increased by 64%; International City, Jumeirah Lake Towers, and Business Bay were the leading locations.
Many foreign businesses are wanting to establish offices in the emirate of Dubai, which has grown in reputation as a centre for global commerce. According to CRC, the rise of new licenses surpassed renewals, which will continue to fuel demand for office and retail sales.
