Rising demand for cheap villas, internet search data shows
The number of people looking to rent or buy villas in Dubai’s The Springs has spiked, according to online real estate website Property Finder
Demand for cheap villas is up in Dubai, according to internet search data released by Property Finder.
People looking online to rent or buy villas in The Springs community, Dubai, on Property Finder, increased by 32%.
Comparing property searches across the company’s website and app between Q2 and Q3 2017, the relative affordability of villas in The Springs complex drove a rise in online searches, according to Property Finder.
More people were searching for villas in Dubai’s Jumeirah Village Circle (JVC) and Studio City increased too, as online users hunted around for the cheapest deal in Dubai.
With rental prices down 12% in JVC, the number of homes listed on Property Finder increased by 55% when comparing the two quarters. Demand followed, with a 27% rise in residential searches.
Dubai developer Danube, which reported full-year sales revenue of $233m last month, helped to drive internet searches of Dubai Studio City-based property. Danube delivered over 300 residential units in Glitz Residences I and II, Dubai Studio City last year, which sparked a three-figure increase in online property searches and a 63% surge in buyer leads.
People are also on the hunt for commercial space in Umm Ramool too. Property Finder said searches for Umm Ramool increased by 120% from quarter to quarter. More people expressed interest in property within this proximity too, according to the company’s online search data.
Umm Ramool’s sudden popularity may derive from an announcement last year of plans to build a free zone dedicated to e-commerce in the area. Called Dubai CommerCity, the free zone is a joint venture between Dubai Airport Freezone Authority (Dafza) and Wasl Asset Management Group. The project is valued at $20bn and is slated for completion in 2020.
Sharjah has also experienced an uptick in interest. Al Wahda has quadrupled its search volume, while Muwaileh was up 72%, according to Property Finder.
For Abu Dhabi, Downtown and Masdar City were popular searches.