Dubai’s Jumeirah Village Circle, with its affordability and rise in handovers, and Abu Dhabi’s Masdar City, with its off-plan Oasis Residences now advertised, are among the fastest growing areas in the UAE according to the latest Propertyfinder Trends
In Sharjah, the Muwaileh community, with a 18.7% drop in rental prices, all also saw massive gains in interest.
In Dubai, Jumeirah Village Circle experienced a glut of supply with a 55% increase in listings, which resulted in rents dropping by 12% for a villa. Propertyfinder said there was also an increase in demand, with a 27% increase in residential searches on its portal.
With a six percent drop in rent, searches were up 32% in the area, The Springs is most popular place to rent a villa.
Studio City also saw a surge in interest, where developer Danube was handing over affordable apartments. Propertyfinder said residential searches went up 101%, with a 63% increase in buyer leads.
On the commercial side, Umm Ramool, one of Dubai’s oldest industrial areas, experienced new interest. Searches for commercial space were up 120%, with a 50% spike in leads per listing (people expressing interest in a property).
In Sharjah, the Al Wahda and Muwaileh areas, despite downward pressure on prices, both saw an uptick in interest. Al Wahda quadrupled its search volume, while Muwaileh was up 72%.
In the capital, Abu Dhabi’s Downtown is becoming more popular (+71% search volume). Masdar City is officially on the map, with ambitions to house 40,000 people. The eco-city’s residential searches tripled in 2017, proving the green movement is gaining momentum.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.
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