Dubai: Commercial real estate sales in Dubai jumped 38% during the first 8 months of this year to 4 billion dirhams, compared to 2.9 billion in the same period last year, which reflects the growing importance of the emirate as a global commercial and investment centre and keeps pace with the growth in the movement of establishing and expanding businesses and projects, while “penthouse” deals have strengthened.
Record recovery of the real estate sector in the emirate.
According to data from the Dubai Land Department, the number of commercial real estate sales deals in Dubai from January to the end of August increased by 18% to 2,416 deals, compared to 2,050 deals during the first 8 months of 2022, supported by the influx of companies and investors from around the world to Dubai.
Commercial real estate sales recorded in the first 8 months included 1,789 office sales deals worth 2.9 billion dirhams, compared to 1,492 office sales deals with a total of 2 billion dirhams in the same period of 2022, an increase of 45% in the value of sales and 20% in the number of deals.
74 sales deals were recorded on the map for offices in projects under construction, worth 46.1 million dirhams, and 1,715 sales deals were recorded for ready-made offices, with a total of 2.8 billion dirhams. The Business Bay area dominated the largest share of office sales in Dubai with 835 office sales deals worth 1.3 billion dirhams, followed by Jumeirah Lakes Towers with about 602 deals worth 807 million dirhams.
In addition, Penthouse Company reported. AE Real Estate said that the successive record deals witnessed in Dubai recently for the sale of “penthouse” units, that is, apartments on the upper floors of luxury towers, have reinforced the recovery witnessed by the luxury Dubai real estate market.
Petri Manila, head of the luxury real estate department at the company, said that the increasing demand by wealthy people from around the world for extremely luxurious “penthouse” units reflects the prestigious position that Dubai has now enjoyed among global buyers and investors. He added: “75% of luxury real estate buyers intend to In Dubai, especially penthouse units, people move to Dubai to reside permanently, as they see it as a safe place.