Report
Dubai Commercial Property Market-1
2023
Commercial Sales Overview
Total Transaction Value
Value
4280 (Primary Developer under construction) 8.7
5940 (Secondary Ready units transacted) 12.4
3150 (Secondary under construction transactions) 6.2
Year-on-Year Market Evolution
Period review 1 -- Business Bay
Market evolution analysis 1 -- Business Bay
Developer strategy insight 1 -- Business Bay
Price segmentation insight 1 -- Business Bay JLT
Year-on-year comparison 1 -- Business Bay JLT Sheikh
Dubai Commercial Total Transaction Value (2017 – 2026)
Top 5 developers share of Dubai Commercial transaction value
Top Developers by Commercial Sales Value (2023)
| DEVELOPER | PRIMARY (AED – BN) | SECONDARY – OFF PLAN (AED – BN) | SECONDARY – READY (AED – BN) | TOTAL TRANSACTION VALUE (AED Bn) | % OF TOTAL MARKET SHARE |
|---|---|---|---|---|---|
| Damac | 2.8 | 1.1 | 0.9 | 4.8 | 17.58 |
| AZIZI DEVELOPMENTS LLC | 1.9 | 0.8 | 0.7 | 3.4 | 12.45 |
| NAKHEEL | 1.2 | 0.5 | 1.1 | 2.8 | 10.26 |
| Tiger Group | 0.9 | 0.4 | 0.5 | 1.8 | 6.59 |
| Arada Developments LLC | 1.1 | 0.6 | 0.4 | 2.1 | 7.69 |
Key inference conclusion 1 -- Business Bay JLT
Period review 2 -- Business Bay
Market evolution analysis 2 -- Business Bay JLT
Developer strategy insight 2 -- Business Bay
Price based segmentation
Dubai Commercial Market 2023 – Volume by Price Segment
| PRICE BAND (AED) | PRIMARY (BN) | SECONDARY – OFF PLAN (BN) | SECONDARY – READY (BN) | TOTAL (BN) | SHARE (%) |
|---|---|---|---|---|---|
| Below 1M | 1.2 | 0.4 | 0.8 | 2.4 | 4.8 |
| 1–2M | 2.8 | 0.9 | 1.5 | 5.2 | 10.4 |
| 2–5M | 6.5 | 2.1 | 3.2 | 11.8 | 23.7 |
| 5–12M | 8.4 | 2.8 | 4.1 | 15.3 | 30.7 |
| 12–20M | 4.2 | 1.5 | 2.0 | 7.7 | 15.5 |
| 20M+ | 4.2 | 2.4 | 0.8 | 7.4 | 14.9 |
Price segmentation insight 2 -- Business Bay
Year-on-year comparison 2 -- Business Bay
Key inference conclusion 2 -- Business Bay
Period review 3 -- Business Bay JLT Sheikh
Market evolution analysis 3 -- Business Bay JLT
2022 VS 2023
Year – on – Year Comparison vs 2023 ( Commercial Market )
| METRIC | 2022 | 2023 | CHANGE (%) |
|---|---|---|---|
| Total Transactions | 11020 | 13370 | +21.3% |
| Total Sales Value (AED Bn) | 22.1 | 27.3 | +23.5% |
| Avg Price per Sqft (AED) | 1180 | 1345 | +14% |
| Value of Off-plan Transactions (AED Bn) | 7.8 | 10.1 | +29.5% |
| Value of Ready Transactions (AED Bn) | 9.5 | 12.4 | +30.5% |
Developer strategy insight 3 -- Business Bay
Price segmentation insight 3 -- Business Bay JLT
Year-on-year comparison 3 -- Business Bay
Key inference conclusion 3 -- Business Bay
Period review 4 -- Business Bay
Key Inferences & Conclusions
Market evolution analysis 4 -- Business Bay
Sources: Public government data (Dubai Pulse) & Licensed market data (REIDIN)
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