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Wed 20 Jan 2010 10:28 AM

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Dubai Marina retains 'most popular' title in Q4 2009

Latest findings show would-be buyers and tenants are eyeing move to marina home.

Dubai Marina retains 'most popular' title in Q4 2009
MARINA CHOICE: Dubai Marina is the most popular choice among house buyers and tenants in the emirate, according to new figures.

Dubai Marina remains Dubai’s most popular property hotspot for residents looking to rent or buy, according to the latest findings from real estate website propertyfinder.ae.

The upscale development accounted for 16.2 percent of searches by online buyers between October and December last year, the Dubai-based website said, and 18.2 percent of rental enquiries.

Also popular among potential buyers was Jumeirah Lake Towers, which notched up 14.3 percent of enquiries, Palm Jumeirah and Jumeirah Beach Residence, which recorded 11.8 and 8.4 percent of searches respectively.

The Springs also ranked highly, jumping five places from its Q3 rankings to become the fifth most popular search. The findings were based on about 400,000 unique visits to the website in the fourth quarter of 2010.

The least popular area among buyers was Business Bay, with less than two percent of enquiries, with Old Town and Jumeirah Village Triangle notching up slightly more searches.

For renters, Jumeirah Lake was the second most popular development with 10.6 percent of the vote, followed by Palm Jumeirah and Discovery Gardens.

“The more affordable areas kick into high gear when looking for [rental] properties,” the report noted.

However International City, one of Dubai’s cheapest developments, plunged seven places from its Q3 ranking, accounting for just 3.8 percent of enquiries.

Price bands remain flexible among buyers, the data showed, with the top search for properties up to AED1.5m. Some 12 percent of enquiries were for properties costing up to AED2.5m.

“An AED5m price tag tops out the pricing in the entire list, which may suggest the high luxury properties are returning to their niche markets,” the report noted.

Renters have tighter purse strings, the data showed, with the top six price ranges all coming in under AED100,000 per annum. Top of the list with 13.4 percent of the vote was an annual rental price of AED50,000 per annum.

“The price ranges have not altered much from Q3 showing signs of some stability,” the report noted.

Over half of potential buyers were scouting for an apartment, a 17.3 percent increase on Q3 results, with two-bed properties again proving the most popular. Around 34 percent of buyers preferred a villa, and just over two percent checked out townhouses.

Renters were also most interested in apartments, with just 1.1 percent searching for a villa. “Villas are practically non-existence in this section,” the report said, but noted townhouses are more popular among renters than buyers, with 21.5 percent of the vote.

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