UAE: Dubizzle reveals property trends for Q2 2015
The property report revealed a levelling off in property prices in Dubai and an increase in Abu Dhabi, in the second quarter of 2015
Dubizzle’s latest property report revealed a levelling off in property prices in Dubai and an increase in Abu Dhabi, for the second quarter of 2015.
Dubai Marina maintained its top spot as the most searched for community in Dubai for a second quarter in a row, with over 20 million searches in the second quarter.
Around 4.9million searches were made for one-bedroom apartments in the area between April and June this year.
However, sale prices in the Marina decreased by 18% and 14% for studios and three-bedroom apartments respectively.
Another highly sought-after area, the Palm Jumeirah saw an increase in sale prices of studios and two-bedroom apartments – climbing from 1.45million to 1.54million and 3.2million to 3.35million respectively.
At the other end of Dubai, prices in older districts like Deira and Bur Dubai increased – due to demand by its occupants - to match the current costs in newer communities.
The rental price of studio studios increased by 18% in Deira, while Bur Dubai saw an increase from $16,334 to $17,696 (AED60,000 to AED65,000) – with three-bedroom apartments mirroring the same trend and rising from $40,836 to $43,014 (AED150,000 to AED158,000).
Commenting on the report, Ann Boothello, product marketing manager for property at dubizzle said: “The Dubai property market is softening as per the price changes experienced in Q2 this year.
“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.
“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.”