Dubai now takes number one position in the 2018 edition of CBRE report, with 62% of global retailers present in the emirate. UAE is ranked the most important international shopping destination globally as well.
In recent years Dubai has risen to become an attractive international shopping destination. Value added tax (VAT) on goods and services was only introduced on January 1, 2018 — at a relatively low rate of 5% — although in April authorities approved a VAT refund scheme for tourists.
According to the report, over the next three years, more than 1.5 million sq m of new retail space could be delivered to the Dubai market, adding roughly 50 percent to the existing inventory.
In fact, the world’s next largest shopping mall and other retail centres such as the Cityland Mall and Nad Al Sheba Mall will all be located a short-drive away from our latest development, Easy18 which offers quality living at an affordable price. A stone’s throw away from the best Dubai has to offer, residents will have quick access to the top schools, and entertainment venues.
During 2017, Dubai welcomed 59 new retail brands, moving it up one place from last year to second place, when it comes to new market entrants.
Over 40 percent of these new retailers were from Europe, with close to 50 percent coming from the Coffee and Restaurant category, including brands such as the French healthy eating concept Wild & The Moon, CBRE said.