Dubai’s Q1 2024 Flourishes with Significant Growth in Transactions and Sales Values
The commercial property market in Dubai saw growth, during the first quarter of 2024, as reported by CRC (Commercial Real Estate), part of the Betterhomes group.
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The report highlighted that the total commercial transactions in Dubai increased by 3% compared to the first quarter of the previous year, with a significant 16% rise in the total value of these sales.
Behnam Bargh, Managing Director of CRC, remarked, “We have experienced a notable surge in transactions, registering a remarkable 27% increase compared to the same period last year. However, amidst these positive developments, it’s crucial to acknowledge the shifting dynamics within the leasing segment.”
Top Leasing Communities Offices
1st – Jumeirah Lake Towers (JLT)
2nd – Business Bay
3rd – DIFC
4th – Dubai Media City
5th – Barsha Heights (Tecom)
The office and retail areas were primary contributors to this growth, with office transactions up by 8% and retail deals by 23% year-over-year. Specifically, the value of office sales rose by 28%, while retail sales values saw a 2% increase. Business Bay was the premier location for office transactions in Q1 2024, recording 307 deals, followed by Jumeirah Lake Towers with 220 transactions. The leasing market, however, showed varied results.
Bargh noted, that while there’s been a spike in overall tenant leads, leasing transactions have declined across all segments. This shift is largely due to clients preferring to buy rather than lease properties, influenced by rising rental prices in all areas of Dubai.
Interest in buying has grown substantially, with CRC reporting a 21% increase in buyer leads over the previous year and a 27% rise in overall transactions.
Sales Trends in Key Areas
Business Bay: The office and retail segments drove significant expansion, with office transactions surging by 8% compared to Q1 2023 and retail transactions experiencing a substantial growth of 23%.
Jumeirah Lake Towers (JLT): Renowned for its picturesque lakeside setting and diverse office spaces, JLT remains a favoured destination for office investors and end-users.
Jumeirah Village Circle (JVC) and Silicon Oasis: Both locations hold appeal for office investors and end-users. JVC’s tranquil environment and Silicon Oasis’s tech-focused infrastructure contribute to their attractiveness.
Additionally, there has been a notable change in payment methods, with 42% of clients now choosing two-cheque payments and 29% opting for four-cheque payments, moving away from the traditionally dominant single-cheque payment method.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
