UAE real estate analysis also noted that office space in Dubai and Abu Dhabi has increased, along with rents and rental rates.
Total rental space in Dubai’s office market increased by 20,000 square meters, expanding the total market to about 9.26 million square meters. In Dubai, pre-leasing has grown in popularity as tenants take ownership of offices before they are ever made readily available. The central business district (CBD) of Dubai saw an increase in rent of 15% annually to AED 2,630 per square meter.
A number of new projects were started by developers in Dubai and Abu Dhabi in response to the rising demand for high-quality office space. By year’s end, more than 140,000 square meters of office space will be delivered, confirming the UAE’s position as a major international commercial hub.
The total amount of office space in Abu Dhabi remained at 3.95 million square meters, with only 7,500 square meters of fresh deliveries during the second quarter. However, the second half of the year is when the remaining 125,000 square meters are expected to be finished.
Abu Dhabi’s average Grade A rates went up 10% year to AED 2,085 per square meter. Demand from tenants is still being influenced by a focus on sustainability and high-quality office spaces.
In Dubai, during H1 2023 and H1 2024, the value of residential real estate went up by 28% and the number of sales transactions increased by 34%. Dubai had a 20% annual increase in sale prices. Prices for villas and apartments in Abu Dhabi increased by 8% and 6%, respectively.
The average rental rates in primary and secondary malls in Dubai’s retail business increased by 16% year over year. During the summer, Abu Dhabi’s tourism sector did well, as seen by the rapid increase in hotel performance indicators.
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