Results 2023 | Dubai | Retail market
+971 52 356 99 60
Results 2023 | Dubai | Retail market
21 февраля 2024
Retail Dubai
At the end of 2023, the retail space in Dubai totaled to around 60.79 million sq ft* (5.6 million sq m) (counting only leasable area). It is expected that in 2024 the Emirate’s supply will further swell by 1.8 million sq ft (167,200 sq m) of leasable retail space, including through the opening of three shopping and leisure centres: Al Khail Avenue, Dubai Expo Mall и Nad Al Sheba Mall.

Amid the expansion of a large number of international retailers, the market is crippled by an acute shortage of retail space in quality shopping centres. For the year 2023, 2,623 leases (new ones and renewals) were registered in the emirate's shopping centres. Over the year, the figure fell by 27%. The number of new leases decreased by 2.5 times, while the number of renewals increased by 7%, which confirms the shortage of available supply.

Strong demand has led to a natural increase in average rental rates. In 2023, rates in Dubai's shopping centers increased by 20% on average compared to 2022. In retail spaces La Mer, Downtown Dubai and Dubai Marina have seen the highest growth in rental rates.

Amid high demand and low volume of new retail space commissioning, historically popular shopping centers (Wafi Mall and Dubai Outlet Mall) have announced upcoming expansions and renovations. At the same time, the projects that opened during the pandemic (Cityland Mall, Silicon Central Mall) are currently getting successful restarted. Dubai Festival City Mall is preparing for profound remodeling. Such projects can be a great solution for new brands just entering the Dubai market.
Sign up to the latest market updates
Get cutting-edge market analysis from our research team
More reports