In the report, Dubai Marina had over 4.9 million searches made in Dubizzle for 1-bedroom apartments between April and June 2015. Situated in a desirable location, Dubai Marina also maintained its top position as the most popular real estate in Dubai, having the most search queries two quarters in a row. Dubai Marina got over 20 million searches in Q2 alone. Also, studio units and 3-bedroom apartments saw a decrease in sale prices, with an 18% and 14% decline respectively.
Palm Jumeirah, another Dubai real estate in a prime location, saw an increase in prices, especially for studio units and 2-bedroom apartments. A studio unit now costs 1.54 million from what used to be 1.45 million, while a two-bedroom apartment now costs 3.35 million, from 3.2 million.
Meanwhile, at the other side of the city, Deira saw price increase in real estate in Dubai. This is due to a sustained demand for properties without any new supply, which is why even if properties in the Deira area are comparatively older, prices remain competitive in comparison to newer communities. Rental prices of studio units has been rising to 18% in Deira and those in Bur Dubai has risen from 60K to 65K, with 3-bedroom units experiencing the same trends rising from 150K to 158K.
Dubizzle’s Project Marketing Manager for property Ms. Ann Boothello commented on the report, saying: “The Dubai property market is softening as per the price changes experienced in Q2 this year. Some areas have experienced while older areas in Dubai showed price increases in reflection to a maintained level of demand for these older units and the alignment of their prices with those in newer areas in Dubai. An example of this is that now a studio in Bur Dubai is rented out for AED 65,000 annually and in Dubai Marina at AED 70,000.”
“Prices of properties for sale decreased across Dubai, with the exception of studios and 2 BR apartments on the Palm Jumeirah increasing up to 6%. Abu Dhabi on the other hand, experienced price increases in for sale and rent properties; however Al Reem Island saw a drop in prices for 1, 2, and 3 bedroom apartments.”