Looking to buy or rent in Dubai but have been sitting on the bench regarding when to commit a sum? Not sure which residential area to move into?
Wait no longer. New data reveals that the time to buy, or rent, is now.
Property prices drop
Listings site Bayut has released a report revealing their findings for the Dubai real estate market from H1 2018.
The research, dubbed the “H1 Dubai Real Estate Market Report for 2018”, looks in depth at the top areas for buying and renting properties in the Emirate along with details on off-plan projects in Dubai attracting investor interest.
The prices for properties across Dubai have been compared against the search trends in the last six months of 2017, to present an accurate representation of the fluctuations in the Dubai property market.
Where to rent apartments
The waterfront destination of Dubai Marina predictably took the top spot as the area most searched for by Bayut.com users for apartment rentals in Dubai. The average cost of renting a one-bed apartment was $23,686 (AED 87,000). Coming in second was budget-friendly Deira, which was one of the few places with prices increasing on average for 2-bedroom units by 8% to $25,045 (AED 92,000).
Prices for renting in most of the popular locations in the Dubai real estate market decreased in the first six months of 2018, compared to the last six months of 2017, echoing the overall trend in the market, Bayut explained.
Where to buy apartments
As is the case with apartment rentals in the Dubai property market, the Marina also emerged as the most popular location to buy apartments in Dubai. The prices to buy apartments in Dubai Marina have largely remained unchanged for studios which are commanding an average of $231,402 (AED 850k).
Coming in second for the most popular areas to invest in Dubai property is the affordable community of International City. Studios for sale in International City are priced at an average of $84,393 (AED 310,000), 1-bedroom apartments at $114,340 (AED 420,000) and 2-bedroom flats at $210,984 (AED 775,000).
The decrease in price for buying apartments in Dubai have not been very dramatic, so we could expect prices to remain stable in the coming months.
Where to rent villas
Beloved by locals and expats alike, Mirdif does not seem to be losing popularity any time soon for villa rentals in Dubai. The average cost for renting in Mirdif has not changed drastically in the past six months, Bayut reported.
The next popular area to rent houses in Dubai is one of the emirate’s oldest villa communities, Jumeirah. Close to the eponymous beach and bustling with restaurants, opulent hotels and some of the country’s best schools, the appeal of the area is obvious.
Prices on average have dropped across all the other areas, however, the falls are not very dramatic.
Where to buy villas
Those looking to buy villas in Dubai will be happy to know that the prices on average have fallen for houses on sale in Arabian Ranches. The premium villa community by Emaar has always ruled the roost when it comes to real estate investments in Dubai, thanks to its proximity to schools, high standards of construction and abundance of amenities.
Another popular area to buy villas in Dubai is the upscale waterfront community of Palm Jumeirah, where prices dipped in line with the trends across the market with 4-bedroom houses selling for an average of $2,858,500 (AED 10.5M) and 5-bedroom villas for $3,947,400 (AED 14.5M).
The other popular areas for investing in villas in Dubai look similar to what we witnessed in H2 2017. The only noticeable decrease in prices is for 3 and 4-bedroom villas in Dubailand, with steep declines of nearly 17% and 13% respectively.