Commercial rents in Dubai are showing the first signs of levelling, but still remain higher than in Europe, Russia and the Middle East.
Prime rents – commercial rentals that are in line with international standards – were stagnant in the emirate in the fourth quarter of last year, according to the latest rents and yields survey by CB Richard Ellis, an international commercial property services company.
The Dubai experience was in keeping with the property sector slowdown in the rest of the region.
Office rents in Dubai, at €1,179 (Dh5,224) per square metre per year, were higher than 35 selected centres in Europe and Russia. Office rentals in the West End of London were the second-highest at €1,117 per sq metre, followed by Moscow at €1,097 per sq metre.