The latest quarterly report
released by propertyfinder.ae, the UAE’s leading property portal, has revealed
a strong, emerging demand for sale and rental properties in up-and-coming
communities such as Dubailand, Dubai Sports City and Jumeirah Village Circle.
With
sale prices and asking rents in Dubai’s key communities rising and the largest
proportion of future stock expected to be delivered in upcoming areas such as
Dubailand and Dubai Sports City, demands from buyers and renters in these areas
are seeing an upswing.
“International
City moved up one place in the list of most searched locations to buy a
property in Dubai this quarter. Similarly, Jumeirah Village Circle which
figured 18th in Quarter 1 jumped to 7th place this
quarter. On the leasing front, Dubai Sports City performed really well, racing
ahead from 18th position in 2012 to secure the 11th spot in the top searched
rental communities list in Quarter 3, supporting the observation that secondary
locations are improving as end users and tenants look to relocate from prime
areas to more affordable neighbourhoods,” said Renan Bourdeau, Managing
Director and Partner, propertyfinder.ae.
With
numerous units – approximately 3,400 – added to Dubai’s residential stock
inventory in communities such as Jumeirah Park, Dubailand and Downtown Jebel
Ali in the third quarter, the residential market is seeing robust recovery in
tandem with economic growth, improving demographics, government spending on
infrastructure, increasing housing regulation and positive investor sentiment.
“With
future stock that is expected to hit the market in 2015 also located in
emerging neighbourhoods such as Dubai Sports City, Business Bay and Jumeirah
Village, demand for sale and rental properties in these communities is likely
to continue growing,” added Bourdeau.
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