Emirates REIT Hits a New High, Proving Real Estate is Still Booming in Dubai!

Emirates REIT has made the latest edition of the strong signals of the status quo of the emirate’s real estate coming even more as record breaking results of 2023 have been announced.

That’s a massive 10% increase from 2022. Even better, on a “like-for-like” basis removing any effects of asset sales, income growth was a super impressive 13%.

Clearly their portfolio of premium commercial, retail and educational buildings across Dubai are in high demand. Occupancy rates also rose nearly 2 percentage points to a healthy 86%.

With rents and valuations continuing to climb, it’s no surprise operating profits soared an eye-popping 37% to USD 44 million.

But Emirates REIT’s success goes far beyond just income statements – their total asset value is now over USD 1 billion for the first time.

In real estate, rising tides certainly do seem to be lifting all boats! The unrealized gain from increasing property prices alone was a whopping USD 133 million.