Demand for first-class office space is growing in the UAE due to the high activity of foreign investors. Now this sector has been receiving record attention over the past 5-7 years. The highest level of activity in the office space market is recorded in the area of Business Bay and JLT.
In proportion to the growth of the demand for offices, the number of office space is decreasing, and therefore one of the largest developers in the UAE has concluded a deal worth 4.3 billion AED ($ 1.17 billion) for the purchase of four office towers on the island of Al-Marya in Abu Dhabi. To date, this is one of the largest such transactions in the UAE real estate sector.
The most popular building in Business Bay – Opus by Omniyat – registered 26 transactions in the first six months of 2022, with the highest price per square meter of office space was AED 3,200 ($871).
Stimulating measures of the UAE government aimed at supporting foreign buyers have made a significant contribution to the growing demand for office space. In particular, among them are noted:
- the possibility of buying commercial real estate in 100% ownership without intermediaries;
- reduction of the minimum threshold for obtaining a «Golden Visa» from AED 10 million ($2.7 million) to AED 2 million ($735,000);
- introduction of new resident visas for foreigners.
