Dubai’s retail real estate market continues to face a shortage of high-quality space, as evidenced by the limited number of newly concluded leasing transactions in key shopping malls. At the same time, retailer interest remains strong, driving the expansion and transformation of existing assets.

Persistently low vacancy levels and intensifying competition among tenants for prime space are fueling rental growth. In Q3 2025, year-on-year rental rates in “top” and “landmark” malls rose by 16% and 24%, respectively.

In Q3 2025, Russian retailers continued to expand their presence in Dubai, focusing on scaling their store networks. Brands that had previously entered the market opened additional locations across different districts of the emirate.