Backed by government incentives and increased demand
Al Rowad Real Estate: 4.45 million square meters of retail space in Dubai by the end of 2021
Ismail Al Hammadi: "The areas near the (Expo) are witnessing an unprecedented demand for warehouses, stores and shops."
Retail spaces continued their good performance during the first half of this year, despite the conditions of the “Corona” pandemic, with strong support from various government incentives, which had a significant impact on the gradual recovery of the sector, with an increase in demand for spaces allocated to the sector, in light of It is expected that retail space in Dubai will reach 4.45 million square meters by the end of 2021.
The founder and CEO of Al Rowad Real Estate Company, which specializes in real estate consultancy and marketing, Ismail Al Hammadi said: “Despite the severe crisis that the world has known represented by the Corona virus and the closure that affected all sectors, the retail sector in Dubai has accomplished about 110 thousand square meters of total area. For rent in the retail sector, according to Dubai Chamber data.
He added: “The first half of this year witnessed the delivery of three new retail projects in Dubai, which added up to 150,000 square meters, bringing the stock to 4.3 million square meters of retail space, and this increase led to a kind of competitiveness in rental prices. , in a way that allowed the entry of new actors in the sector, and also enabled the existing companies in the market to carry out expansions and open new branches, especially directed to support e-commerce.
He expected the entry of about 154,000 square meters of new retail space during the second half of this year, pointing out that the improvement in the number of tourists and expectations of their rise during the coming period are positive and motivating factors for the sector.
Al Hammadi explained that the continued entry of new spaces for the retail sector in Dubai on short periods led to options for investors in light of the competitive prices and advantages offered by real estate developers, which paves the way for a rapid recovery of the sector, especially with the imminent launch of "Expo 2020 Dubai".
Al Hammadi stressed the great role of "Expo 2020 Dubai" in supporting the sector, as the areas near the event witness an unprecedented demand for warehouses, stores and shops.
He pointed out that the positivity of the retail sector in Dubai, does not include the local market only, but also extends to the region, as Dubai covers a large market with a population of more than two billion people, which makes it an ideal platform for senior workers in the sector.
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