27 July 2014: Research out from the UAE’s leading property search website, propertyfinder.ae, has revealed the top places for buying and renting across Dubai and Abu Dhabi. The site’s newly released quarter two report also compares asking sale and rental prices in prime areas in the two emirates.
While Dubai studio prices stand at AED 959,000, an average one bedroom in the city costs AED 1.7 million and a two bedroom apartment, AED 3 million. Topping the rankings for the most searched communities in Dubai amongst prospective buyers is Dubai Marina. For those looking to buy a property in the waterfront community, here are some useful figures. The average apartment price is AED 2.8 million and a villa, AED 8.5 million. The price per square foot for an apartment is AED 1,959 while that of a villa is AED 1,732. “Dubai Marina has been at the top of our rankings for over 2 years now – no small feat in a city like Dubai where new developments are being launched every other week. The community is where everything is at – business centres, beaches, entertainment, gorgeous views, stylish pads and hip nightlife,” said Renan Bourdeau, Deputy CEO of propertyfinder.ae.
Dubailand seems to be a favourite amongst prospective buyers as well, grabbing fourth spot in quarter two despite not figuring in the top 10, two years ago. Prices here are much lower than those in the marina. Asking prices for apartments stand at AED 1 million and that of villas at AED 5.3 million. Aside from being a popular destination for those looking to save some cash, the development has a low-key, quiet vibe that’s not so easily found in Dubai’s busier, more heavily trafficked neighbourhoods.
Not just buying; according to propertyfinder.ae’s latest report, Dubai Marina was also the most searched community on the site for renting property in quarter 2, despite rises in asking rents. On an average, renters can expect to pay AED 66,000 for a studio, AED 106,000 for a one bedroom pad and AED 172,000 for a two bedroom unit in Dubai. And specifically in the marina? Rents have risen; equating to an average of AED 166,000 for an apartment and AED 306,000 for a villa in the waterfront community. Dubailand, placing 2nd in the list of Dubai’s most searched rental communities on propertyfinder.ae this quarter, despite securing 7th spot in Q2 2013, offers on an average, apartments for AED 71,000 and villas for AED 253,000.
“If you’re looking to dip your toes in the real estate market or rent a place, our report’s a good place to begin. Know how much you can afford and look at our statistics for average prices and rents and where you can get the biggest bang for your buck,” added Bourdeau.