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New data revealed on Dubai’s property market performance in February

20.03.2018
New data revealed on Dubai’s  property market performance in February

According to Bayut real estate portal, Dubai’s overall rentals decrease was hardly noticeable in February. Read more on what area has pushed Dubai Marina off the rental podium, and how much will it cost renting a villa or an apartment in different areas of Dubai.

Dubai Silicon Oasis unexpectedly took the first rating among the most demanded Dubai areas for renting an apartment in in February, pushing Dubai Marina, the most wanted area among tenants ever, off its first step on the rental podium. These data was revealed recently in a Bayut’s latest report.

It said the Dubai property market managed to maintain its stability in February, with the biggest price changes being caused by a great number of new off-plan units entering the market in some areas.

Rents for 1 and 2 bedroom apartments in Dubai Silicon Oasis in February reached AED55,000 and AED80,000 respectively, representing a tiny 0.20 percent decrease for 2 beds’ rentals. Studios rents here have decreased by 5 per cent, to AED38,000 per annum.

But Dubai Marina still stood for the number one choice between property buyers in February. Studios here are offered for sale at a price starting from AED85,400, while 1 and 2 beds ranged between AED1.2 million and AED2.02 million, down by 4.25 percent and 7.95 percent from January, respectively.

As for Dubai Marina rents, studios, 1 and 2 bedroom apartments were marketed at AED62,000, AED88,000 and AED130,000 per annum, respectively in February.

Jumeirah was the most searched and desired area for villa tenants, while Arabian Ranches topped the list with villas for sale.

An average 3 bed villa in Jumeirah is now listed at about AED177,500 for an annual rent, dropping by 2 per cent since January, while more spacious accommodation in 4 to 5 bedroom villas got cheaper by 8.33 per cent to AED220,000 and AED280,000, respectively.

The most affordable area to rent a house in February was Mirdiff, the Bayut report noted, with 4-bed properties offered for an average of AED125,000 pa.

At the same time 3 bedroom villas for sale at Arabian Ranches were marketed at AED3.12 million, 4-beds at AED4.25 million, and 5-beds at AED5.2 million.

The expected average return on investment (ROI) for apartments in Dubai stayed at a 6.58 percent point, which is relatively stable, compared to January.

The average ROI for villas in February increased by 1.34 percent compared to January, standing at 5.29 percent.

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