Cushman & Wakefield Core Dubai annual report 2023/2024

Cushman & Wakefield Core Dubai annual report 2023/2024

- Residential Supply: With over 39,400 units, 2023 saw the highest level of residential handovers since 2020.

- Residential Sales Price: In 2023, city-wide sales prices saw the steepest year-on-year increase, rising by 20%. It marks the 12th consecutive quarter of price increases.

- Residential Rents: Affordability concerns loom as city-wide rents in 2023 saw a 19% year-on-year increase. Growing disparity in rental levels between new leases and renewals.

- Residential Gross Yields: Apartment yields are at a 7-year high at 7.3% while villa yields contract to 5.5%

- Office Rents: As office demand intensifies and outstrips supply, citywide office rents spiked by 21% year-on-year.

- Office Occupancy Levels: Grade A office occupancy at an all-time high of 92%. Citywide office occupancy at 89%.

Dubai, UAE: According to Cushman & Wakefield Core’s Annual Report 2023/2024 report, “With continued upward momentum in transaction volumes and strong increases witnessed across all performance indicators over 2023, Dubai is firmly demonstrating its position as a global economic hub and investment destination.”

Prathyusha Gurrapu, Head of Research & Consulting at Cushman & Wakefield Core says “The underlying sentiment in the residential market is that of rising prices, rents, and project launches. While the pace has started to moderate over Q4 2023, we