Savills reports that the second quarter of 2023 saw the most new companies establish regional offices in Dubai.
Due to the migration of Chinese and Indian enterprises, there is a greater demand for office space in Dubai, making it the sixth most expensive city in the world to rent a high-end office.
In addition to an increase in corporates from the US and Europe (72% in Q2 2023 compared to 55% in Q1 2023), Dubai also saw a “gradual inflow” of businesses from Asia, specifically India and China, according to the Dubai Office Market report by real estate services company Savills.
One of the greatest numbers of new companies opened regional offices in Dubai in the second quarter of 2023, including the Chinese oil company CNPC and the Indian insurer Bajaj Allianz Life.
The most recent Savills premier Office Costs research ranked Dubai as the ninth most expensive market for premier offices globally, surpassing cities like Paris, Shanghai, and Delhi as a result of the quarterly increase in rental values.
As a result of the pandemic, Chinese investments have resumed in the GCC, and the Dubai residential market has benefited as well. According to a recent research by real estate brokers Allsopp & Allsopp, the sale of luxury apartments increased in the first half of 2023 as a result of rising demand from Russian investors and recently returned Chinese buyers. The investments resulted in significant price increases of 8 to 10% for premium residences with sea views in Downtown Dubai, Bluewaters, and Dubai Marina.
