Dubai Marina was the most popular area in which to buy a home in the first half of 2018, according to a new report from Property Finder.
According to the report, the area witnessed twice as many searches as the runner-up, Downtown Dubai.
The top five most searched for areas by prospective buyers were rounded out by the Palm Jumeirah, Arabian Ranches and Jumeirah Village Circle.
For the second half of the year, the top four areas remained unchanged in the second half of the year, although Jumeirah Village Circle fell four spots and was replaced by Jumeirah Lakes Towers.
“The head of one of Dubai’s leading brokerages recently told me that property prices are now below construction costs, so regardless of what you think will happen in 2019, buying in this market represents fabulous intrinsic value,” according to Lukman Hajje, Property Finder’s chief commercial officer.
“A nice sales pitch perhaps, but with rents at 2010 levels and seemingly endless options for both buyers and renters, there’s a big silver lining to this ongoing correction.”
For renters, the most in demand areas in H1 2018 were found to be Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah and Al Barsha.
In the second half of the year, Al Basha moved to fourth place, while Business Bay went to fifth.
The report noted that across the Dubai market, demand for renting outweighs demand from those seeking properties to buy.
“This is arguably the best time ever to be a tenant in the UAE,” Hajje added. “Dubai apartments’ advertised rental asking prices have dropped 30 percent in the last two years, with more than half that in the last 12 months alone.”
Property Finder noted that as more supply is handed over to owners in areas including Town Square and Dubai Hills Estate, “we expect to see more demand generated in those areas as the population will expand and spread out from the centre.”
The report also noted that “user sentiment toward the off-plan sector was strictly for investment purposes, while the majority preferred the secondary market when it came to purchasing for personal use.”
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