With property prices falling throughout the UAE, strong demand is allowing some communities to hold steady cost-wise, while others are attracting new interest as they become more affordable. Propertyfinder Group reveals the most sought-after areas in its latest edition of Propertyfinder Trends.
Buoyed by the opening of the Dubai Canal, Business Bay prices remained flat and gained interest in apartments, with a 28% YoY increase in leads in October 2017, according to Propertyfinder Trends.
The Springs, a townhouse community, jumped to the #1 most popular place to rent, and the second most popular area to buy, as median asking prices declined 6%.
Getting clued in to where people are looking for property can help investors understand where the hot commodities are, and where there might be some room for negotiation.
To help better understand consumer preference, Propertyfinder rounded up the Top 10 most popular areas in Dubai getting the most interest from property seekers.
“Leads, or people expressing interest in a property, are the core value proposition of Propertyfinder,” says Paul Spargo, Commercial Director. “Our mission is to be the fastest and easiest portal for finding property, as well as the best marketing channel for agents.”
Total leads are up 29 per cent year over year, with interest expressed in a property listing via SMS text on a steady uptick, more than doubling in the last six months.
Here are some takeaways before getting to the charts:
- Dubai Land apartments, the cheapest to rent in Dubai, saw a rapid increase in leads since November 2016, as the area moved into a record-breaking year for handovers.
- The most expensive area to rent, Downtown held steady for leads in 2016, but saw a large uptick in interest, with YoY increase in leads of 47% and 39% in September and October 2017, respectively.
- Dubai Marina remains the most sought-after community to both rent or buy an apartment, and demand is on the rise.
- As one of the few with asking prices on the rise, Sports City has seen only modest gains in interest, dropping in popularity from #6 to #8.
- Prices are relatively stable for Jumeirah Village Circle Apartments, but the trajectory for demand in on the up as handovers increase in the community.