Dubai: The popular residential neighbourhood of Dubai Marina, known for its beachside living, has emerged as the most sought-after location for property buyers, while the upscale Downtown Dubai, home of the world’s tallest tower, has generated a lot of interest from renters, according to a new report.
Real estate analysts have said that regardless of the perceived slowdown, there is still a substantial amount of investor interest in Dubai’s housing market from both local and international buyers.
Data from the Dubai Land Department showed that the past week alone saw real estate transactions reaching Dh7.7 billion, up from Dh6 billion in the previous week.
And it looks like most investors are willing to splash out hundreds of thousands or millions of dirhams to get a home with a beach view or access.
During the first half of 2018, properties in Dubai Marina attracted the most number of queries from potential investors, Property Finder said on Sunday. The area also remained the top choice for investors as of December 2018.
The neighbourhood offers premium spaces for those looking to live near the coast and enjoy easy access to retail shops, restaurants, hotels and entertainment options.
Among its known real estate developments is The Beach, Jumeirah Beach Residence and the recently opened Bluewaters Island, which also features the world’s largest observation wheel, Ain Dubai.
“[Dubai Marina] witnessed double the amount of searches [as other neighbourhoods],” the real estate firm said.
At current prices, a one-bedroom flat in Dubai Marina can set a buyer back around Dh1.8 million, while for two-bedroom units, prices can go up to Dh2.1 million.
Potential homeowners were also interested in acquiring residential units in Downtown Dubai, where a one-bedroom apartment with Dubai Fountain views can cost Dh2.3 million, as well as in the Palm Jumeirah, Arabian Ranches and Jumeirah Village Circle, which rounded out the top five locations among prospective investors.
Where investors want to buy a house
Jumeirah Village Circle
These five buyer hotspots, except for Jumeirah Village Circle, remained most popular during the second half of 2018. Jumeirah Lakes Towers emerged in the top five most sought-after communities among investors.
Among Dubai’s tenants, the most popular in the first half of 2018 were Dubai Marina, Downtown Dubai, Palm Jumeirah and Al Barsha. Between July and December last year, Al Barsha emerged as the fourth most popular area for renters, while Business Bay moved up to the fifth position.
Tenants in Dubai continue to enjoy favourable rents, which are at 2010 levels. In Dubai Marina, tenants can expect to set aside Dh60,000 to a little over Dh100,000 for a one-bedroom flat, depending on the location and views.
“This is arguably the best time ever to be a tenant in the UAE. Dubai apartments’ rental asking prices have dropped almost 30 per cent in the last two years, with more than half of that [recorded] in the last 12 months alone,” said Hajje.
Where most tenants want to rent a flat