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Khaleej Times
17-07-2025
- Business
- Khaleej Times
Dubai commercial property vacancy rate hits all-time low as businesses flock in
Dubai's commercial real estate is booming as vacancy rates are at an all-time low of 8.6 per cent, driven by the inflow of foreign players and the launch of new companies, said Sapna Jagtiani, director and lead analyst, Middle East at S&P Global Ratings. The high demand for commercial space is driving up rentals as well across the emirate, especially for prime/grade-A offices, she added. Sapna noted that this strong growth for commercial property is backed by regulations for businesses, a dynamic economic environment, and the low tax that the city offers to businesses. Stay up to date with the latest news. Follow KT on WhatsApp Channels. 'Dubai and Abu Dhabi are seeing resilient demand and small rental growth for retail real estate. Prime super regional malls continue to dominate the market, which has led to mall owners expanding their offerings,' she added. Industry insiders said that popular malls in Dubai have a waiting list for new clients due to the low vacancy rate. Sapna pointed out that shoppers in the Gulf Cooperation Council (GCC) are looking for unique concepts, new brands, and experiences. 'Urbanisation trends, especially in Riyadh and Jeddah, are driving demand for modern retail formats and omnichannel strategies. Mall owners who fail to stay on trend are likely to face rental pressure and higher vacancies. Luxury spending in the region remains high, driving growth for prime malls. Consumer spending in general, however, remains cautious given economic uncertainty, relatively high interest rates, and inflationary pressure,' she said in the latest notes on the local and regional economic landscape. Moderate correction Sapna projected that the Dubai residential property market could see a moderate price correction in 12-18 months. 'Dubai could see residential prices fall due to a potentially significant increase in new supply, but the degree of the correction will likely be moderate compared with previous downturns.' In May 2025, it projected not more than a 15 per cent correction in prices. She added that presales in Dubai are breaking records. "Demand for residential real estate remains high despite the escalation of Israel-Iran tensions and tariff disruptions. Favourable visa reforms and quality of life continue to attract high-net-worth buyers such that sales volume for luxury units priced above Dh10 million ($2.72 million) has increased by around 60 per cent year-over-year in the first half of 2025,' she added. Being a safe haven, historically, the UAE and Dubai have benefitted from regional and global geopolitical conflicts, which sparked population growth and investment inflows.
The Independent
17-07-2025
- The Independent
Children among 61 dead in Iraq shopping mall blaze
A fire at a newly opened shopping mall in al-Kut, eastern Iraq, has resulted in the deaths of over 60 people, including women and children. Iraqi officials confirmed 61 fatalities, with most succumbing to suffocation, and 14 bodies remaining unidentified due to severe charring. Civil defence teams successfully rescued more than 45 individuals from the five-storey complex, which had only been open for a week. Provincial governor Mohammed al-Mayyeh declared three days of mourning and stated that legal cases have been filed against the building and mall owners as the cause is investigated. The incident highlights ongoing concerns about poor building standards in Iraq, following previous deadly fires in hospitals and wedding halls.
