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Recently, imexre.com reported of the most popular Dubai accommodation areas for tenants, according to a recent report by one of the most reputable online Classifieds. Today we go back to the point with the new portion of locations most wanted by Dubai property buyers.
A study conducted by a Research Department of the Dubizzle online platform is based on property searchers requests and transactions conducted in Dubai during the period from January to August, 2019. The report has found that and were the most demanded Dubai locations in terms of buying one, two and three bedroom apartments. As you can see, Dubai Land, was ranked first in terms of demand from buyers, as well as it was rated according to demand from tenants. At the same time, despite the demand, property prices in these areas fell by an average of 9 per cent and 10 per cent, respectively, in the first nine months of the year.
also has many lucrative sales options for buyers in one or two bedroom apartments segment. Prices for these apartments here currently range from an average of AED1.4 million (US$381,100) to AED2.4 million (US$653,400).
And larger residences with three plus bedrooms were best sold in and , Dubizzle reported. It also noted that demand for residential housing in these areas is steadily growing.
As for the villa sales, in contrast to the clearly growing demand for apartments in prestigious developed areas, the biggest demand in this category was recorded mainly in newer areas, including Dubai Land (where prices for villas decreased by 11 per cent from January to August 2019) and (an average decline of 17 per cent over the same period).
However, home buyers showed keen interest apartments located in well-developed communities of the Emirates Living clusters (The Springs, The Meadows, The Lakes and ), where prices decrease was flat — just about 3 per cent in eight months.
Today, you can buy a two-bedroom in these areas for the average of AE 1.4 million (US$381,100), or a a three-bedroom villa for AED2.4 million (US$ 653,400), or a spacious four-bedroom villa for AED4.4 million (US$1.19 million).
“Fluctuations in the rental and sales segments in Dubai since the beginning of the year really reflect a correction recorded in the real estate market. With the increasing number of offers in newer areas and the growing accessibility of communities in the prestigious areas, tenants and home buyers are getting wider choice,” said Matthew Gregory, Director of Dubizzle.
“This trend is likely to continue over the next 12-18 months, as the number of new properties on the market continues to grow, and it is expected that 124,000 new property units of real estate will enter the market by 2021. Therefore, Dubai will need some time to completely absorb the existing housing stock and new units,” he added.
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