Thursday, September 17, 2015

Dubai Property Prices shows an Interesting Trend

Dubizzle, the leading property classifieds website in MENA, reports the latest UAE and Dubai real estate property trends in its Q2 2015 report. The report includes insight on how real estate property prices are changing in Dubai Marina, Old Dubai, and other highly preferred areas.

The report reveals that Dubai Marina, being in a very desirable location, is still the most sought-after Dubai real estate location, with over 4.9 million searches between April and June this year. For two consecutive quarters, Dubai Marina holds the top spot among other communities in Dubai, with over 20 million searches made in Q2 2015. Properties in Dubai Marina went down by 18% and 14% for studio units and three-bedroom apartments, respectively.

Palm Jumeirah, another primed real estate location Dubai, saw a change in property prices for both studio units and two-bedroom apartments, increasing from 1.45 million to 1.54 million and 3.2 million to 3.35 million respectively.
Meanwhile, Deira also had price increases due to high Dubai real estate demand and no new supply. This became a factor in making prices in old Dubai align with newer communities across the city. The rental price tag of a studio unit in Deira increased by 18%, while those in Bur Dubai rose from 60K to 65K, and three bedroom apartments changed from 150K to 158K.

When asked about the matter, Dubizzle’s Product Marketing Manager Ms. Ann Boothello said: “The Dubai property market is softening as per the price changes experienced in Q2 this year. Some areas have experienced while older areas in Dubai showed price increases in reflection to a maintained level of demand for these older units and the alignment of their prices with those in newer areas in Dubai. An example of this is that now a studio in Bur Dubai is rented out for AED 65,000 annually and in Dubai Marina at AED 70,000.”

“Prices of properties for sale decreased across Dubai, with the exception of studios and 2 BR apartments on the Palm Jumeirah increasing up to 6%. Abu Dhabi on the other hand, experienced price increases in for sale and rent properties; however Al Reem Island saw a drop in prices for 1, 2, and 3 bedroom apartments.”

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