By Shane McGinley
1BR flats in Dubai Marina are most popular real estate option among online buyers.
One bedroom apartment in Dubai Marina have proven to be the most popular real estate options among online buyers, according research by an online property web portal.
‘New Dubai’ is still proving to be popular with those surfing on the propertyfinder.ae online portal between July and September 2009.
Data showed that Dubai Marina topped the popularity rankings, receiving over ten percent of direct queries. Jumeirah Lake Towers, International City, Palm Jumeirah, The Springs and Jumeirah Beach Residences were following in hot pursuit.
The website said that three out of four of those using the site’s search facility found that location was “of great importance when looking to buy a property in Dubai” however price appeared to be less of a critical factor, with most casting a wide search and putting their upper price limit as dhs2.5 million.
Over half were opting for apartment, even though “apartments are on average riskier asset class in Dubai,” according to Jesse Downs, director of research and advisory services at Landmark Advisory.
The data also showed that buyers were most interested in one-bedroom units. Downs agreed with this, adding that one and two-bedroom units have proven to be most stable of all unit-types.
In the rental market, Dubai Marina was again the number one area of choice, followed by the Greens, Jumeirah Lake Towers, Jumeirah Beach Residence, International City and Palm Jumeirah.
Most tenants were willing to pay up to dhs80,000, with two-bedroom apartments proving to be the most searched for unit type.
However, Leah James, manager of residential sales and leasing at Better Homes, said that this was overly optimistic as most two bedroom apartments in the marina area were renting for between dhs110,000 and dhs120,000 a year.
No you can't be serious? Why would anyone still want to buy any property or apartment in a place where job insecurity is so rife and where permanent residency was and will ever be a mirage? Some people never learn from others colossal mistakes.
It can't be all doom and gloom particularly when some of the economies where it all began are begining to recover. As humans we tend to forget the bad news sooner than the pleasures of life. So it may be worth a gamble which it is considering the fickle nature of the regulations governing ownership. Speculators have a knack of pushing the boundaries of credibility and generate greed in other mortals. One only needs to look at the recent Bernie Madoff affair. Of those who fall into this trap can only repeat the sayings: "Some people will never learn. Fools rush in where Angels fear to tread". But it can be fun.