Real Estate Aldar acquires unfinished commercial tower in DIFC By Neil Halligan December 4, 2024, 5:47 PM Kertu Saarits/Alamy via Reuters The skyline of Dubai's DIFC district 40 floors of space Adds to Dubai portfolio Sector seeing robust growth Abu Dhabi’s largest developer, Aldar Properties, has acquired an unfinished commercial tower in the Dubai International Financial Centre (DIFC) for AED2.3 billion ($626 million), as it continues its expansion into its neighbouring emirate. The tower, bought from H&H Development, has 40 floors of commercial and retail space and is due for completion in 2028. It is close to the Four Seasons Hotel DIFC, and the Janu Hotel and Residences, due to open in 2027. The tower will offer multi-tenanted and single-tenanted spaces, Aldar said. The acquisition adds to Aldar’s growing commercial portfolio in Dubai. It previously bought 6 Falak, a Grade A office tower in Internet City, and announced plans to develop a Grade A office tower beside the DIFC on Sheikh Zayed Road. Aldar has also partnered with Expo City Dubai to develop a major mixed-use development. The market analysis company Sico Research in Riyadh said of the Aldar deal: “We have been positive on Dubai’s commercial real estate market and view the acquisition positively.” Aldar’s new Dubai logistics park to break ground in Q4 Dubai South and Aldar to work together Aldar Properties reports ‘strong pickup’ for London projects Dubai’s commercial real estate market is experiencing robust growth this year, especially in prime locations. Commercial Real Estate Consultants (CRC), an affiliate of the Dubai real estate conglomerate Betterhomes, said in its Q3 report that transactions grew 29 percent year on year in value, though volume growth was only 3 percent. Total value grew 12 percent quarter on quarter. A continuing supply crunch, particularly in the Grade A office segment, has led to fierce competition among tenants for prime locations, resulting in increased rental rates, said Behnam Bargh, head of commercial at CRC. Average rental prices for office space in Dubai grew 33 percent year on year and 51 percent quarter on quarter. The DIFC continues to drive demand for office space, particularly within the financial services sector. The DIFC Funds Centre, catering to hedge funds, boutique asset managers and financial platforms, is expected to boost demand further when it launches next year, Betterhomes said.
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