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Tue 11 Aug 2015 04:15 PM

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Dubai Marina sees prices drop up to 18%, but retains top spot

Dubizzle trend analysis shows area popular with expat residents remains the most popular location in the city

Dubai Marina sees prices drop up to 18%, but retains top spot

While Dubai Marina remains popular with buyers and tenants, it saw prices decline by up to 18 percent in the second quarter of 2015, according to the latest trend analysis by the Dubizzle classified website.

The Dubizzle report revealed that nearly five million searches were made for one-bedroom apartments in the Dubai Marina area between April and June this year. However, despite its continued popularity, sales prices decreased by up to 18 percent in some buildings.

Another popular area, the Palm Jumeirah, managed to maintain its positive trajectory and saw an increase in sale prices of studios and two-bedroom apartments, climbing from AED1.45 million ($394,757) to AED1.54 million and AED3.2 million to AED3.35 million respectively.

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. 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 percent. 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.”

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