3 days ago
Dubai's office rents set to rise due to strong demand
Demand for commercial offices in Dubai has remained strong due to a steady business upturn and this will boost office rents, a real estate fund executive said on Tuesday.
The price surge could also be a result of low office building supply in the emirate, said Thierry Delvaux, CEO of Emirates REIT, one of the UAE's largest listed Shariah-compliant real estate investment funds.
Delvaux said there has been strong demand for offices in Dubai and the UAE in general by both local and foreign investors.
'The commercial office market in Dubai has remained very strong because there has been high demand by local and foreign investors,' he told CNBC Arabia news TV.
'But the problem is that supply has been very low…that is why rents have been high and will continue to rise…this is benefiting real estate investment funds,' he said.
Delvaux revealed that Emirates REIT's income from real estate business jumped by nearly 96 percent in 2024, adding that the Company now manages three schools in the emirate, providing it with steady investment income.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(
