Dubai’s real estate sector has witnessed exceptional demand for office properties, as the emirate’s status grows as an increasingly important global hub for finance and business, and an ideal destination for global corporations, financial institutions and hedge funds.
A Bloomberg report stated that the significant recovery in demand for commercial spaces in Dubai comes at a time when other global financial centers are suffering from a decline not seen in decades.
Bloomberg said that with the exception of Dubai, the commercial real estate market is currently considered “weak” in global financial centers around the world. In Manhattan (New York) in the United States, empty office space constituted 16%, a level not recorded in three decades, while this rate rises to twice that rate in San Francisco, while vacant offices in London recorded their highest level in two decades, hovering at about 11.8%.
The agency added: “Hedge funds are flowing into Dubai and the UAE, reflecting the prosperity and growth witnessed by Dubai and the UAE and the recovery in demand.”