Creating the Middle East's new hub for design and art whilst bridging international markets and local design.
Dubai Design District is adjacent to the Business Bay area of Dubai with the dedicated focus of developing the Dubai fashion, design, architecture and luxury sectors. This new design hub benefits from an independent, business-friendly regulatory scheme under the Dubai Technology and Media Free Zone Authority.
d3 is in the heart of new Dubai, only a couple minutes from the Dubai Mall and its annual 75 million visitors. Access from Dubai International Financial Centre takes only 5 minutes, and traveling from Dubai International Airport is only 15 minutes. The Dubai Design District is connecting international markets and local design, the primary location for Dubai’s growing creative industry. Fashion, Luxury, Art, and Design, are all strategically catered for with tailored property to provide the ultimate platform for the creative industry.
Looking at the real estate market performance in 2018, the general trend for Saudi Arabia is that most sectors have remained subdued as highlighted by lower activity levels, while occupancy levels have been under pressure across most asset classes leading to a gradual softening of rents.
While most hospitality markets in the GCC are driven by traditional demand supply mechanics, Makkah – for which religious visitation makes up the majority of demand – works slightly differently, with government quotas and capacity constraints determining tourist flows. In terms of Hajj visitation, a variety of factors have affected tourist numbers between 2013 and 2016, but the past two years have been far more positive. During this period, Hajj visitation exceeded the 2.3 million mark in consecutive years for the first time since 2012.
The Knight Frank office market review provides an overview of the most recent developments in the sector, in addition to insights on the outlook, with a focus on the key markets of Riyadh, Jeddah and Eastern Province.