The higher end communities of Arabian Ranches, The Springs and Akoya Oxygen are the top three most searched for villa neighbourhoods in Dubai, although a growing number of people are searching for midmarket properties, according to online marketplace Dubizzle.
In its latest report on the Dubai residential market, property search platform Dubizzle Property said the site receives an average of 3.7 million visits each month, of which almost two million were for properties in Arabian Ranches; 1.3 million were in The Springs, and 1.3 million were for Damac Properties’ new Akoya Oxygen scheme.
Dubai Properties’ Mira-Reem Community followed with one million searches and The Villa with 795,000 searches.
The report also showed sales prices for villas in these communities. In particular, it highlighted a 34 percent drop in average sales price per square foot for villas in Akoya Oxygen between the first quarter of 2016 – when the scheme launched – and the third quarter of 2017. There was a three percent drop in average sales price per sq ft at Arabian Ranches.
Meanwhile, sales price per sq ft increased by 22 percent for three- to four-bedroom villas in Mira-Reem over the same period, and there was a 6 percent rise in the price of three- to five-bedroom villas in The Springs over the same period. The Villa project showed an overall 11 percent increase for three- and four-bedroom villas.
The popular established districts of Dubai Marina, Jumeirah Lakes Towers (JLT), Downtown Dubai, Jumeirah Village Circle (JVC) and International City were identified by Dubizzle Property as the most searched-for apartment communities, with the number of searches for each standing at 5.8 million, 3 million searches, 2.5 million, 2 million and 2 million, respectively.
Dubai Marina and Downtown Dubai experienced a decrease in sales prices, while JVC and International City saw an increase of one percent and three percent respectively. Overall, prices in JLT remained unchanged – although one-bedroom apartments in saw a five percent increase while three- and four-bedroom apartments saw a decrease in price per square foot.
The report also noted that increasing ‘popularity’ (as measured by the volume of searches) for the mid-market property segment has led to increased mortgage homebuyer purchases.
Ann Boothello, senior product marketing manager for property at Dubizzle, said: “We can deduce that mid-market apartments are making their way into the top five searched communities on dubizzle by observing search volume data of buyers browsing our property for sale section.
“Furthermore, the data shows that apartment communities such as JLT are preferred by young couples or business people, based on the increase and demand for one-bedroom apartments as opposed to larger units.”
The company said Dubizzle Property is being updated in an attempt to improve user experience across all of its platforms.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.