Font Size

- Aa +

Tue 25 Jan 2011 04:13 PM

Font Size

- Aa +

Dubai Marina still city’s top real estate hotspot

Waterside project first choice among buyers and renters, shows data from Propertyfinder.ae

Dubai Marina still city’s top real estate hotspot
Dubai Marina accounted for more than 18 percent of searches among would-be buyers in the fourth quarter
Dubai Marina still city’s top real estate hotspot
Dubai Marina accounted for more than 18 percent of searches among would-be buyers in the fourth quarter
Dubai Marina still city’s top real estate hotspot
Dubai Marina accounted for more than 18 percent of searches among would-be buyers in the fourth quarter

Dubai Marina has retained its title as the city’s
most popular property hotspot for those looking to rent or buy, new data from
real estate website propertyfinder.ae has found.

The waterside project accounted for more than 18
percent of searches among would-be buyers in the fourth quarter, the Dubai-based
website said, and 18.02 percent of rental hunts.

Second in the rankings was the luxury Palm Jumeirah
project, attracting 12 percent of buyers. For those looking to rent, Jumeirah Lake
Towers was the second most popular spot with 8.58 percent of searches, the
website said.

Least popular among potential buyers was Jumeirah,
with less than two percent of enquiries, with The Lakes and Green Community
notching up a fraction more hits.

For renters, Dubai Silicon Oasis, International City
and Dubai Land attracted the least attention, with each notching up less than
2.5 percent of online enquiries.

The findings were based on around 600,000 visits to
the site, carried out in the three months to December 31, 2010.

Among buyers, the single most popular price band was
up to AED2.5m, however, the gross majority of searches targeted properties at
AED1m or under.

“We may begin to see better investment strategies
rather than simply opting for the lowest price,” the report said. “Stern price
caps are still the norm for investors in Q4.”

Renters had tighter purse strings, the data showed, with
the top five price searches all aimed at property costing AED100,000 or less
per year.   

“Anything over AED150,000 has diminished immensely in
Q4 searches,” the report said. “More and more people are looking under
AED50,000.

“Patterns clearly indicate 2011 searches will continue
to drop in price range values.”

Enquiries for properties tagged at more than
AED200,000 a year were almost nonexistent.

More than a third of buyers were scouting for an
apartment, while 25 percent viewed villas.

“Two-bedroom [properties] lead clearly in most
scales,” the website said, “while studios are almost non-existent in searches.”

Land searches dropped by half compared to the
previous quarter.

Renters also favoured apartments, with 39.13 percent
of searches targeting flats.

‘Two and three-bedroom units top the search
exclusively now,” the report showed. “Studios are barely looked at, at best.”