Dubai’s commercial real estate crisis: Rental prices surge up to 300% in prime areas
January 29, 2024 | Arabian Business
Alarm bells are ringing loud across businesses in Dubai in the wake of a runaway increase in office and retail spaces rentals – estimated to be up to 300 percent in some of the prime areas in the last 24 months – due to an acute demand-supply crunch in the commercial real estate sector in the city, industry insiders said.
The steadily deteriorating situation is said to be giving sleepless nights to commercial tenants – especially to small business owners operating on single-digit profit margins – as many of them are either slapped with eviction notices on reaching end of contract periods or asked to pay huge increases in rentals.
