Office Market – Q2 2024
- Dubai’s office market gets a boost with several new launches, but supply shortage is likely to persist until 2027-2028
- City-wide office occupancy has reached a record high of 90%, with Grade A offices seeing an even higher rate of 93%
- City-wide office rents are up by 19% y-o-y as demand outpaces supply
- While most districts we track have seen strong rental growth, Business Bay has experienced the sharpest increase of over 64%
- Spatial requirements from our global occupiers are mainly concentrated above 20,000 sq. ft.
Residential Market – Q2 2024
- Signs of moderation are emerging in the residential secondary sales market with transaction volumes plateauing
- N5,391 units handed over in Q2 2024 and a total of 24,300 residential units expected over Q3 and Q4 2024
- Off-plan market continues to thrive with a 61% y-o-y transaction increase and a 42% y-o-y rise in project launches
- The ultra-prime market experienced a 12% y-o-y increase in transactions, however, quarterly numbers have dipped
- City-wide sales prices rose for the 16th consecutive quarter while rents rose for the 14th consecutive quarter
