Property in Dubai Marina retains popularity
Q4 report for 2013 from propertyfinder.ae reveals 36% rents rise
Dubai Marina has retained its place as the most-searched neighbourhood, according to the Q4 report for 2013 from propertyfinder.ae.
And the latest findings revealed the area experienced a 36% increase in rents over the course of 2013, while Jumeirah Lake Towers, just minutes away from Dubai Marina, saw a modest rise of 6% in its rental prices last year.
Placing third in the most searched communities list last quarter, Downtown saw a rise in rents of over 100% in 2013.
Lease prices of studios in Palm Jumeirah, surprisingly, showed a slight decline of 7%. However, rents of one bedroom residences grew by 14% in the waterfront communit,y which has consistently appeared in propertyfinder.ae’s top five.
Dubai Sports City, jumping several notches from 18th position in 2012 to secure sixth spot in Q4 2013, saw a 30% hike in rental prices last year and is a current hotspot for investors and renters.
Michael Lahyani, CEO and founder of propertyfinder.ae, said: “Whilst it's impossible to say what's 'best' for everyone, our Q4 2013 report is a good place to start for anyone looking to buy or rent a pad this year as it features trends, prices and statistics from across the market. Given that 2013 was a landmark year for the housing market, the expectations for 2014 are naturally high. With the introduction of the new rental decrees in Dubai and Abu Dhabi, it will be interesting to see how the leasing market pans out over the course of this year."