Dubai Marina still heads the rating of the most wanted Dubai areas

25.07.2016
Dubai Marina named the 1st among Dubai locations most popular with luxury property buyers in Dubai in Q2: LuxHabitat.

According to a popular analytical portal LuxHabitat, premium residential real estate market in Dubai has managed to keep its positions despite the global political shock after Brexit. The most demanded in the Dubai market, ​​Dubai Marina real estate units are still number one search in the list of requests for high-end property offers.

LuxHabitat has revealed these data in its latest Q2 2016 report on the state of Dubai premium real estate market created in cooperation with Reidin. As a result, five Emirate’s locations named as the most popular among premium real estate buyers.

The top five most wanted areas includes Arabian Ranches, Downtown Dubai, DIFC, Dubai Marina, Emirates Hills. But locations like Jumeirah, Jumeirah Beach Residence, Jumeirah Islands, Palm Jumeirah, The Lakes, Springs and Meadows and Victory Heights won’t backwater either when it comes to the demand for luxury housing.

However, the first place in popularity rating among all Emirate’s areas still belongs to Dubai Marina, in all senses. The report by LuxHabitat presumed that the reason for such enduring demand for high-end apartments in this residential cluster is its most convenient location, spectacular views of the Creek from the windows of most of the apartments, as well as proximity to other popular areas like Dubai Media and Internet City, and, of course, developed transport links present here.

356 luxury real estate transactions were concluded in Dubai Marina in Q2, i.e. in the last two months. And what was the most exciting, but not really surprising about it for Jason Hayes, Head of new developments in LuxHabitat, was the increase in average number of elite housing transactions in Dubai by 0.3 per cent during this period. Perhaps this was both due to a 7 per cent decline in sector prices compared with the previous quarter.

Palm Jumeirah manmade island stood out against other elite areas in the number of deals with premium property having increased 10 per cent for apartments and 6 per cent for villas. Home buyers spent AED 558 million on the archipelago real estate in Q2 — more than in any other area of ​​Dubai, though islands’ high-end units are more expensive on average. But Downtown Dubai is not too behind on the number of deals: 169 property transactions recorded here in the second quarter of the year.

Thus, despite the gloomy general mood, people keep actively buying property in Dubai, especially quality and prestigious real estate units. Daniel Garofoli, luxury sales specialist of Luxhabitat, believes even that a drop in prices per square feet at the overall market is caused by damping prices for investment units, such as 1 beds with low floors and courtyard or no good view, etc. 

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management