Dubai’s Jumeirah Beach Residence (JBR) property development is losing its appeal with renters and buyers, according to a new study.
PropertyFinder.ae’s Real Estate Report said that JBR saw its ranking in the most searched locations to rent a property in Dubai fall from seventh in the first quarter of the year to tenth place in the second quarter.
The online property firm said that JBR’s appeal was similarly waning among home buyers, where it also placed tenth in terms of searches.
PropertyFinder.ae said that the beachfront community’s loss of desirability could be due to ongoing construction projects in the area.
“Major road construction work has resulted to traffic buildup, as well as the loss of beach access and views of the sea for residents – two of JBR’s unique selling points. Because of these, it has been rather difficult to entice potential tenants to look into renting a property in the area,” commented Renan Bourdeau, managing director at the website.
However, he added that the future prospects of the development were promising. “Over the past years, the area has attracted considerable investments not only from property developers, but also from hospitality and retail investors as well. By 2014, a 5,000-square-metre boutique mall (The Beach) is expected to rise in JBR, featuring over 40 food and beverage outlets, retail shops and entertainment facilities,” Renan said.
The construction of the AED6bn man-made Bluewaters Island project, announced by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum this year, could also entice tenants back to JBR with a mix of new accommodation and hospitality amenities.
According to PropertyFinder.ae, Dubai Marina was one of the most searched for districts in the emirate, accounting for 18 percent of enquiries by both potential buyers and renters.
Other popular projects included Jumeirah Lakes Towers, Palm Jumeirah, Downtown Dubai, The Springs, Arabian Ranches and Al Barsha.
The study was based on more than 120m property searches by 1.8m visitors to the PropertyFinder.ae website.