Dubai’s retail real estate market in Q3 2026 developed against a backdrop of geopolitical uncertainty, which had a notable impact on tourist flows and leasing activity. The number of new transactions in key shopping malls declined, yet the market demonstrates structural resilience: the shortage of quality space persists, while landmark assets — Dubai Mall and Mall of the Emirates — recorded strong opening activity.

Tourist footfall is gradually recovering: August saw the highest monthly visitor total since February, positively affecting mall traffic and consumer activity. Russian retailers continue operating in the Emirate, with a number of brands opening new outlets during the quarter.

Developer activity remains high: several new assets are expected to open before year-end, and a pipeline of more than ten projects will expand the supply of quality retail space over the medium term.