- Dubai apartments’ advertised rental asking prices have dropped almost 30% in the last 2 years
- With rents at 2010 levels, there’s a big silver lining to this ongoing correction
Dubai: According to the ‘’Property Finder Trends’’ report, Dubai Marina was the most popular area to buy a home in the first half of 2018. The area witnessed double the amount of searches as Downtown Dubai. Palm Jumeirah, Arabian Ranches and Jumeirah Village Circle rounded out the top five locations among prospective buyers, suggest the report findings.
For the second half of 2018, the top four do not change, but Jumeirah Village Circle fell four spots and was replaced with Jumeirah Lakes Towers, as per statistics from Property Finder, the region’s pioneering real estate portal.
“The head of one of Dubai’s leading brokerages recently told me that property prices are now below construction costs, so regardless of what you think will happen in 2019, buying in this market represents fabulous intrinsic value. A nice sales pitch perhaps, but with rents at 2010 levels and seemingly endless options for both buyers and renters, there’s a big silver lining to this ongoing correction,” said Lukman Hajje, Chief Commercial Officer, Property Finder.
For those looking to rent in the the first half of 2018, Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah and Al Barsha made the top five most popular locations. For the second half of the year, Al Barsha moved to the fourth spot and Business Bay to the fifth.
Unsurprisingly, the demand for renting outweighs those looking to purchase, according to the ‘’Property Finder Trends’’ report.
“This is arguably the best time ever to be a tenant in the UAE. Dubai apartments’ advertised rental asking prices have dropped almost -30% in the last 2 years, with more than half that in the last 12 months alone,” Hajje added.
An additional observation is Dubai Marina’s continued popularity. It consistently pulls in double the amount of demand as any other area. The popularity of more familial communities such as Jumeirah Village Circle and the affordability of Arabian Ranches have increased searches in these areas.
As more supply gets handed over in some newer communities such as Town Square and Dubai Hills Estate, we can expect to see more demand generated in those areas as the population will expand and spread out from the centre.
As per Property Finder research, user sentiment toward the off-plan sector was strictly for investment purposes, while the majority preferred the secondary market when it came to purchasing for personal use.
View the full issue of Property Finder Trends##
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About Property Finder
Property Finder is the Middle East and North Africa’s leading real estate portal with presence in seven markets including Saudi Arabia, Egypt, Morocco and the United Arab Emirates.
The premier resource when looking to buy, sell, lease or rent, Property Finder attracts nearly 6 million unique monthly users across its mobile apps and websites, with over 2,375 registered brokers and developers.
© Press Release 2019
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