Commercial real estate sales (offices and shops) in Dubai have made a significant leap during the first 10 months of this year, growing by 45% compared to the same period in 2023, and also exceeding the entire sales of last year, reflecting the continued strength of demand for commercial spaces and an indication of the expansion of companies and businesses in the emirate.
According to data from the Dubai Land Department, commercial real estate sales in Dubai jumped to AED 7.4 billion through 3,615 transactions during the first ten months of this year, a growth of 45% compared to the same period last year, in which sales amounted to AED 5.1 billion through 3,047 transactions. The data showed that commercial real estate sales during the first 10 months of this year grew by 13.8%, exceeding the value of commercial real estate sales during the entire past year, which amounted to AED 6.5 billion through 3,883 transactions.
Commercial real estate sales in Dubai during the mentioned period were distributed as follows: AED 5 billion for offices, resulting from 2,502 transactions, and AED 2.4 billion for shops, resulting from 1,113 transactions. Sales of ready commercial offices accounted for the largest share of total office sales, with a value of AED 4.8 billion through 2,373 transactions.
The value of sales of commercial offices off the map amounted to AED 112 million through 129 transactions, while the value of sales of shops off the map amounted to AED 1.4 billion through 571 transactions, and ready sales amounted to AED 971 million through 542 transactions.
By area, Business Bay topped commercial office sales with 1,058 deals worth AED 2.1 billion, followed by Jumeirah Lakes Towers with 808 deals worth AED 1.4 billion, Burj Khalifa with 28 deals worth AED 410 million, and Barsha Heights with 112 deals worth AED 271 million.
Demand in Dubai is not limited to luxury residential properties only, but also extends to luxury office properties, as major companies seek to conclude deals in the emirate’s most prominent landmarks and commercial areas, especially prime offices.
The market recorded a sale deal for an office property in the Burj Khalifa area worth AED 44 million, extending over an area of 808 square meters, which is considered the most expensive deal since the beginning of 2024. Another office property was sold in the Motor City area for AED 24 million, extending over an area of 274 square meters, in addition to a deal in the Business Bay area for an office worth AED 23 million, extending over an area of 1,027 square meters, and the Barsha Heights area recorded a sale deal for an office worth AED 16 million, extending over an area of 1,370 square meters.