UAE - The average rents and sale prices of properties in six hand-picked areas located on either side of the Dubai Water Canal witnessed a stable growth for the first three quarters of 2018 compared to the same period last year, said a report.
Boasting unique aesthetics and a variety of luxurious restaurants, housing options and leisure for tourists and residents, the Dubai Water Canal has become an icon of Dubai since it opened in November 2016. These properties will soon celebrate their two-year anniversary.
With over 130,000 live rental and sale properties listed at any given time, dubizzle Property identified Jumeirah, Al Wasl, Mohammed Bin Rashid Al Maktoum City - Meydan City, Downtown Dubai, Business Bay, and DIFC as the most popular neighbourhoods for those looking to rent or buy properties in close proximity the Dubai Water Canal.
Mohammed Bin Rashid Al Maktoum City - Meydan City has experienced an increase in rents as facilities and infrastructure are now near completion, with four-bedroom villas in the area witnessing an increase of eight per cent to reach an average rental of Dh355,500 in 2018 compared to Dh330,000 last year.
For bigger families looking to live and leverage the facilities close to the canal, villas in Jumeirah offer the best value, with three-bedroom villas averaging Dh172,000, down 4.4 per cent year-on-year, followed by Al Wasl, where renters can expect to pay an average of Dh175,000 for a three-bedroom villa.
Four-bedroom villas in both Al Wasl and Jumeirah have seen little change, with an average rental value of Dh220,000 and Dh213,000 respectively.
Studio apartments in DIFC are also experiencing an increase in value, with an average sale price of Dh1.4 million, up 8 per cent year-on-year I(y-o-y). However, on average, properties along Dubai Water Canal have seen a decrease in price, with studio apartments in Downtown now averaging at Dh1.1 million, down 13 per cent y-o-y.
Dubizzle said Mohammed Bin Rashid Al Maktoum City - Meydan City currently offers the best value for those wanting to make a long-term investment, with studios starting at Dh430,000, one-bedroom apartments from Dh850,000 and two-bedroom units currently selling for an average of Dh1.3 million.
Two-bedroom apartments in Business Bay have seen a drop of 17 per cent, with an average price starting at Dh1.75 million.
For those looking to rent an apartment near Dubai Water Canal, the rental market has remained relatively stable, with the average annual rent for a one-bedroom apartment dropping just 2 per cent from 2017.
Business Bay was identified as the most affordable rental area, with the average annual rent for a studio standing at Dh58,000, one-bedroom apartments averaging at Dh77,500 and two-bedrooms starting at Dh110,000.
Downtown ranked second for studios, with the average rent at Dh67,000, and DIFC providing the next-best value for one-bedroom apartments, with an average annual rent of Dh122,500.
"The Dubai Water Canal is proving a popular destination for Dubai residents looking for a waterfront view. With sale prices in certain areas bucking the current trend for softening real estate prices in the emirate, people are attracted by the new amenities cropping up around the canal," remarked Samer Abdin, the general manager, dubizzle Property.
"However, there are still a wide a range of affordable options on offer in the area, especially for those looking to rent one-bedroom apartments," he added.-TradeArabia News Service
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