CORE Dubai annual report 2022/2023

CORE Dubai annual report 2022/2023

- 29,000 units handed over in 2022, lower than initial forecasts as supply chain issues impact deliveries.

- Pace of price rise starting to slow down. City-wide villa prices up by 11% and apartments by 9% year-on-year.

- Affordability concerns loom as rents rise sharply with citywide villa rents up by 25% and apartments by 27% y-o-y.

- Growing disparity in rental levels between new leases and renewals

- Gross yields are at a seven-year high, with apartment yields at 7.2% & villa yields at 5.7%

- As office demand intensifies and outstrips supply, citywide office rents spike by 29% year-on-year.

- 2022 saw city-wide office occupancy rise to 87% from 78% in 2021, resulting in the absorption of 9 million sq. ft.

Dubai, UAE: According to CORE’s Annual Report 2022/2023 report, “With record transaction volumes and unprecedented gains witnessed across all performance indicators over 2022, it is interesting to see Dubai’s continued resilience in the backdrop of intensifying global recession concerns and rising interest rates. While Dubai isn’t immune to these conditions, it has greatly pivoted itself into a preferred gateway city due to the government’s robust response to the pandemic, pioneering policies, thus attracting and retaining investment and talent.”

Prathyusha Gurrapu, Head of Research and Advisory