UAE Equity Research - Dubai Residential REIT 1H26 - First Look Note
Average portfolio occupancy improved to 98.6% in 1H26, while annualised revenue per leased GLA increased 7.5% YOY to AED 59.7 per sq. ft. Gross Asset Value (GAV) increased to AED 25.2 Bn as of June 2026 from AED 23.5 Bn as of December 2025.
Dubai Residential REIT's revenue rose 8.1% YOY to AED 1,036 Mn in 1H26, driven by rising rental rates, ERV catch-up on renewal, re-rating on churn, and sustained occupancy. Direct cost declined 18.7% YOY to AED 187 Mn in 1H26.
UAE Equity Research - Dubai Residential REIT 4Q25 - First Look Note
Average rent per square foot rose 6.7% YOY to AED 56.5 in 2025, driven by re-ratings and lease renewal catch-ups. The Gross Asset Value rose to AED 23.5 Bn in December 2025 from AED 21.6 Bn in December 2024, driven by valuation gains.
Dubai Residential revenue rose 8.1% YOY to AED 996 Mn in 2H25, supported by continued leasing momentum and higher rental rates across the residential portfolio. Direct cost fell 35.7% YOY to AED 197 Mn in 2H25.
UAE Equity Research - Dubai Residential REIT 2Q25 - First Look Note
Average rent per square foot rose 6.2% YOY to AED 55.5 in 1H25, driven by re-ratings and lease renewal catch-ups. The Gross Asset Value rose to AED 23.0 Bn in June 2025 from AED 21.6 Bn in December 2024, driven by valuation gains.
Dubai Residential revenue rose 9.8% YOY to AED 958 Mn in 1H25, supported by continued leasing momentum and higher rental rates across the residential portfolio. Direct cost grew 7.0% YOY to AED 230 Mn in 1H25. Gross profit increased 10.7% YOY to AED 728 Mn in 1H25, while gross margins expanded 62 bps YOY to 76.0% in 1H25.
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