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Dubai Marina, Downtown Dubai 'emerge property hotspots'

DUBAI, 14 days ago

Dubai Marina and Downtown Dubai are the most popular areas within the emirate in site searches, sales and rental, stated Property Finder, a leading property portal, in its New Market Demand Data.
 
After the Marina and Downtown, buyers searching via Property Finder looked next to Jumeirah Village Circle, then Business Bay, Jumeirah Lake Towers and Jumeirah Beach Residence, stated the portal in its New Market Demand Data.
 
The latest data collected by Data Finder, a data and analytics platform under the Property Finder Group, unveils where the emirate’s current property hotspots are, and enables everyone to gain a complete market overview in terms of search-lead intelligence. 
 
The latest search, sale and rental data figures available for February show similarities in the most popular areas searched for by both renters and buyers. 
 
Topping both lists are the modern skyscrapers of Dubai Marina, followed by the luxurious apartments and villas on offer in Downtown Dubai.
 
Amid the ongoing Covid-19 curbs in the UAE, Property Finder Group said it is offering the Data Finder platform free for a month to all real estate professionals in the emirates, including the newly-launched market-first release of proprietary search and demand data.
 
Property Finder President Ari Kesisoglu said: "Sharing our comprehensive local market data provides an extremely useful barometer of trends and market sentiment at-a-glance. We have always been deeply dedicated to the real estate market and examining the trends."
 
"For anyone interested in buying or investing in a property, it’s extremely useful to see not only where the demand lies, but also to consider up and coming areas that might not have otherwise been on their radar. Being the market leader means we have access to more data than any other company servicing the emirate’s real estate sector, and we are delighted to share our insights," stated Kesisoglu.
 
“Our inclusion of asking prices and transaction prices [what sellers request for their properties and what the properties actually sell for] will also help generate better understanding of short term pricing fluctuations – and encourage buyers to put sensible offers in,” he added.
 
In price terms, the most popular sale search for the month of February was for two-bedroom apartments in Dubai Marina, with an average asking price of Dh1.75 million ($476,362), and an average transaction value of D1.6 million.
 
In terms of rental searches in February 2020, after looking at availability in the Marina and Downtown, people looked at Jumeirah Village Circle, Business Bay, Jumeirah Lake Towers and Palm Jumeirah.
 
The most searched for rental properties were one bedroom apartments in Dubai Marina, with an average annual rental asking price of Dh80,000, and a transaction price of Dh84,500.
 
Lynnette Abad, the Director Research & Data, said: "Transaction prices in Dubai Marina have been stable over the last year and we are starting to see prices increase in some towers. The market demand data also shows Dubai Marina as the most searched area over the last year, therefore the demand is clearly there hence why transaction prices are sometimes higher than listing prices.”
 
Of the rental and sale searches, a majority of average transaction prices remain below the asking prices – in some cases substantially lower, she added.-TradeArabia News Service



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