Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

UAE property market registers double-digit growth in Q1: CBRE

UAE property market registers double-digit growth in Q1: CBRE

The UAE’s property market witnessed double-digit growth in sales and rental rates in the first quarter of 2023, according to the latest report from global consultancy firm CBRE.
Prime office properties in Abu Dhabi and Dubai recorded 19.1 percent and 20.2 percent year-on-year growth, respectively, between January and March this year, the report stated.

The increase was driven by a 90 percent rise in average occupancy rates in the first quarter of this year in the two cities, compared to 80 percent recorded in the same period last year.

The higher occupancy rates resulted in average asking rentals for Dubai’s Grade A, B, and C commercial spaces rising by 20.2 percent, 13.5 percent, 18.7 percent and 28.7 percent, respectively, in the first quarter of 2023.

This escalation comes as Dubai alone recorded 22,802 new lease registrations in the first three months of 2023, up 60.5 percent from the previous year.

In the residential sector, however, Dubai led the surge in the UAE, with average property prices increasing by 12.8 percent in the first quarter of 2023.

On the other hand, the capital city recorded a mere 1.4 percent growth in average apartment prices during the same period.

“The UAE’s real estate market has maintained strong levels of demand during the first quarter of 2023, which has continued to underpin performance across all sectors,” said Taimur Khan, head of research, Middle East and North Africa, CBRE.

While the firm does not expect a moderation in growth rates going forward, he anticipates “the market will continue its performance trajectory over the course of the year.”

In the rental sector, CBRE said Dubai’s residential market rose by 26.3 percent year-on-year in March 2023, down from the 27.7 percent in February 2023.

“Despite rental rates reaching significant levels, we have started seeing a slight moderation in the rental market,” said Khan, noting that key residential areas such as Downtown Dubai, Dubai Marina, and Palm Jumeirah were increasingly reducing their rental rates.

Abu Dhabi, on the other hand, remained steady, with a slight fall of 0.7 percent in average apartment rents in the year through March 2023.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×