Dubai Marina, Palm Jumeirah and Downtown Dubai are the most popular places to rent luxury apartments in the emirate, a new report has revealed.
Jumeirah Village Circle (JVC) and Business Bay are the most sought after locations for those looking for affordable apartments in Dubai.
The findings were published in the H1 2022 report from property portals Bayut and Dubizzle, which took account of rentals and sales across the UAE in the first half of the year.
The same study said potential buyers for affordable apartments were most likely to look at the Business Bay, Damac Hills 2, Jumeirah Lakes Towers (JLT) and Jumeirah Village Circle (JVC) areas of the city.
“Over the first half of this year, many pivotal changes have been taking place both within the region and globally,” said Haider Ali Khan, chief executive of Bayut and Dubizzle.
“With the focus on safety and security being understandably high, Dubai has stood out as an appealing option, particularly for international investors and expat owners.
Positive steps taken in property sector
“Earlier this year Dubai Land Department made all transaction data publicly available and in the past few weeks there have been some strategic decisions around moving away from cheques to offer direct debit payments; both positive moves in line with the evolving needs of the growing population of Dubai.”
He said he expected interest to remain high in Dubai real estate in the coming months.
“The sales prices for villas and apartments in the most searched for locales of Dubai have experienced increases of 1 per cent to 19 per cent in H1 2022,” stated the report.
“Given the impressive start to 2022, the growth in sale and rent prices in Dubai are indicative of healthy demand for property in both the affordable and luxury segments of the market.”
Dubai Hills, Jumeirah and Al Barsha are the most popular areas for luxury villa rentals.
For those looking to buy luxury villas in Dubai the most in demand locations are Arabian Ranches, Dubai Hills and Palm Jumeirah.
Sale prices rise in Abu Dhabi
The report said sales prices for residential properties in Abu Dhabi have risen by 1 per cent to 14 per cent in the affordable segment, whereas those in the luxury segment have climbed 1 per cent to 8 per cent.
The most popular locations for renting luxury apartments in Abu Dhabi are Al Reem Island, Al Raha Beach and in the Corniche area.
“Al Reem Island has remained a firm favourite for renting high-end apartments in H1 2022, showing a moderate growth of up to 3.5 per cent in asking rents,” the report said.
Those looking for affordable apartments in the capital are most likely to turn their attention to properties in Khalifa City A, Al Khalidiya and Al Muroor.
For those renting luxury villas in Abu Dhabi, the most popular areas are Al Mushrif, Al Bateen and Yas Island.
Mohammed Bin Zayed City, Khalifa City A and Khalifa City B are named in the report as the most popular options for those seeking to rent an affordable villa.
“The Abu Dhabi market has continued to build on its strong foundations, with a drive towards building robust systems and processes,” said Mr Khan.
“Not only has Abu Dhabi been repeatedly recognised as one of the safest and best cities to live in the world by various international bodies, the transparency levels in the market have also improved considerably, leading to greater confidence from buyers and investors.”
The most popular areas to buy luxury villas in Abu Dhabi, according to Bayut and Dubizzle, are Saadiyat Island, Yas Island and Al Raha Gardens.
Those in the market for renting affordable villas are most likely to seek out properties in Al Reef, Khalifa City A and Hydra Village.
