Dubai’s commercial property market has experienced a significant growth spurt in the first quarter of 2024, according to a recent market report from CRC.
Total sales transactions in the commercial sector across Dubai have risen by 3% compared to Q1 2023, with the total value of sales witnessing a more substantial increase of 16% over the same period.
The office and retail segments have been key drivers of this growth, with office transactions surging by 8% year-on-year and retail transactions jumping by 23%. The value of office sales has spiked by 28%, while retail sales value has increased by 2%.
Business Bay has emerged as the top location for office deals in Q1 2024, with 307 transactions recorded. Jumeirah Lake Towers follows closely, with 220 transactions.
However, the leasing market has presented a mixed picture. While tenant leads have surged,leasing transactions across all segments have decreased. This trend can be attributed to clients opting to invest and purchase properties rather than lease, driven by escalating rental prices across all segments and locations in Dubai.
Buyer leads at CRC have climbed 21% compared to Q1 2023, signalling heightened interest in the market. The firm’s transactions have jumped 27% year-on-year.
Interestingly, a shift in payment preferences has been observed, with 42% of clients opting for two-cheque payments and 29% choosing four-cheque options, a move away from the once-prevalent single-cheque approach.
These trends and insights provide valuable information for investors, buyers, and sellers in Dubai’s commercial property market.
JobXDubai 
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