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- Report from dubizzle Property reveals certain properties in Mohammed Bin Rashid Al Maktoum City - Meydan City and DIFC have increased in value in 2018
- Four-bedroom villas rents in Mohammed Bin Rashid Al Maktoum City - Meydan City have increased 8% from 2017
- Business Bay is the most affordable rental area for one-bedroom apartments along the canal averaging at AED 77,500
Dubai — dubizzle Property has revealed the average rents and sale prices for the first three quarters of 2018 compared to the same period in 2017 of properties in six hand-picked areas located on either side of the Dubai Water Canal, which will soon celebrate its two-year anniversary.
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.
With over 130K 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.
Villas for Rent
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 8% to reach an average rental of AED 355,500 in 2018 (vs. 330,000 in 2017).
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 AED 172,000 (a decrease of 4.4% YoY), followed by Al Wasl, where renters can expect to pay an average of AED 175,000 for a three-bedroom villa. Four-bedroom villas in both Al Wasl and Jumeirah have seen little change, with an average rental value of AED 220,000 and AED 213,000 respectively.
Apartments for Sale
Studio apartments in DIFC are also experiencing an increase in value, with an average sale price of AED 1.4 million, up 8% YoY. However, on average, properties along Dubai Water Canal have seen a decrease in price, with studio apartments in Downtown now averaging at AED 1.1 million – a decrease of 13% YoY.
For those wanting to make a long-term investment, Mohammed Bin Rashid Al Maktoum City - Meydan City currently offers the best value, with studios starting at AED 430,000, one-bedroom apartments from AED 850,000 and two-bedroom apartments currently selling for an average of AED 1.3 million.
Two-bedroom apartments in Business Bay have seen a drop of 17%, with an average price starting at AED 1.75 million.
Apartments for Rent
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% from 2017.
Business Bay was identified as the most affordable rental area, with the average annual rent for a studio standing at AED 58,000, one-bedroom apartments averaging at AED 77,500 and two-bedrooms starting at AED 110,000.
Downtown ranked second for studios, with the average rent at AED 67,000, and DIFC providing the next-best value for one-bedroom apartments, with an average annual rent of AED 122,500.
“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. 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,” commented Samer Abdin, General Manager, dubizzle Property.
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About dubizzle:
dubizzle is an OLX company: OLX Group is the world's leading online classifieds platform present in more than 40 countries across six continents. We connect local people to buy and sell used goods, services, cars and properties. We make it fast and easy to buy or sell almost anything through your mobile phone or on the web.
Through brands including OLX, Avito, dubizzle and letgo, OLX Group is the home of online classifieds in high-growth markets. We are the leading destination for buying and selling used goods and services in 35 countries, and the #1 mobile app in our category in more than 22 markets. Globally we estimate that around 11 million items are exchanged through our platforms every single month, giving products a second life and reducing their ecological footprint.
OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar and Saudi Arabia.
For further information, please contact:
Abdallah Touqan
Director of PR, Communications & Events
+971 55 9866 891
Grayling PR
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