Our latest Dubai Property Market Report is now released. The report reveals our detailed findings on the office, residential, and industrial sectors and key demand drivers for each. Here are some top highlights: 

• Office.  The office real estate market witnessed a surge in demand in 2023. Throughout the year, demand was concentrated across good quality green-certified assets. A gradual yet evident move towards more sustainable operations is driving this trend. Buildings in the DIFC micro-market and Grade A developments around it were among the most sought-after developments, especially from companies in the financial services and advisory/consultancy sector.
• Industrial.  The industrial and logistics sector in Dubai was among the most resilient real estate asset classes in the city. Market activity has remained buoyant throughout 2023 and good quality assets continue to be in short supply as occupiers expand their warehouse footprint. The continued expansion in the non-oil sector has been a key driver for logistics demand in Dubai. Companies from the FMCG, 3PL, retail, and e-commerce sectors were the most active occupiers in 2023.
• Residential. The residential sector had its best year on record. Transaction activity grew by 29% y-o-y to an all-time high of 118,200 units, marking the first time the total transaction volume surpassed the 100k mark. The residential market has been on an upward trend since 2021 when 55,500 units were transacted. Under-construction properties dominated demand during 2023 as 55% of the units sold were off-plan. This number has remained consistent throughout the year and coincides with the inquiry levels noted by Savills. 

Read the full report