Gross leaseable retail floorspace in Dubai is set to triple within the next four years as new mall developments open for business, according to new research from GRMC Advisory Services.
The number of malls operating within the emirate are expected to rise to 50 by the end of next year, up from 36 in 2005.
The world’s largest shopping centre, Dubailand’s Mall of Arabia, is expected to be four times the size of Dubai’s largest mall to date, Mall of the Emirates, when it opens in 2009.
Dubai’s ‘other’ mega-mall, the Dubai Mall, which will be located in the emirate’s new downtown district, is set to open in 2008.
Market analysts predict the increase in retail rental spacewill moderate booming rental costs.
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