Dubai remains its reputation as one of the most expensive retail areas in the world
19/11/2012
As a Global Real Estate Services Company that has been operating in the Middle East region for more than a decade, Cushman & Wakefield ( C&W ) unveiled the list for its survey report of the world's most expensive property retail areas. Actually, it has surveyed a total of 62 countries, in which there are approximately around 326 prime locations, including the Fifth Avenue in New York that has remained its position as the world's most expensive retail area in the world for almost eleven consecutive years.
Based on the report, the Emirate of Dubai has also remained its reputation as one of the most expensive retail areas in the world; for it has once again been listed in the above-mentioned survey conducted by C&W. It took at least the 40th position in this year 2012 list because of its annual retail rents of $153 per square feet per annum, compared to the previous year in which it was never featured on the list at all.
According to C&W, it said that the Emirate has maintained its reputation as the 'Premier Luxury City' not only in the UAE but throughout the Middle East region due to having world-class shopping centres such as Dubai Mall, Mall of the Emirates, and Wafi that all of them offer a diverse range of both retailers and segments.
In addition, as Global Property Consultancy Company, Jones Lang LaSalle also reported that the demand for such retail space in the large malls including Mall of the Emirates and Dubai Mall is still becoming stronger that led them to expand their respective areas. However, the secondary or old malls in the Emirate are currently struggling to increase the demand for retail space in the mall as they are witnessing decrease in rental transactions. On the other hand, JLL emphasized that those retail units which are located in the performing centres have a possibility to experience a rental growth in the current year; while the others located in the poorer ones will witness declines in rental levels.
Based on the report, the Emirate of Dubai has also remained its reputation as one of the most expensive retail areas in the world; for it has once again been listed in the above-mentioned survey conducted by C&W. It took at least the 40th position in this year 2012 list because of its annual retail rents of $153 per square feet per annum, compared to the previous year in which it was never featured on the list at all.
According to C&W, it said that the Emirate has maintained its reputation as the 'Premier Luxury City' not only in the UAE but throughout the Middle East region due to having world-class shopping centres such as Dubai Mall, Mall of the Emirates, and Wafi that all of them offer a diverse range of both retailers and segments.
In addition, as Global Property Consultancy Company, Jones Lang LaSalle also reported that the demand for such retail space in the large malls including Mall of the Emirates and Dubai Mall is still becoming stronger that led them to expand their respective areas. However, the secondary or old malls in the Emirate are currently struggling to increase the demand for retail space in the mall as they are witnessing decrease in rental transactions. On the other hand, JLL emphasized that those retail units which are located in the performing centres have a possibility to experience a rental growth in the current year; while the others located in the poorer ones will witness declines in rental levels.
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