Dubai Marina tops list of most popular locations for tenants and buyers
Monday, 16 November 2015 9:52 AM
Dubai Marina has topped a list of the most popular locations for buying and renting apartments in the emirate.
Dubai Marina recorded an 8 percent rise in rental interest in September 2015 compared with the previous month, according to UAE property website Bayut’s September Market Report.
It also recorded a 2.9 percent increase in search hits from prospective apartment buyers in September, compared with August.
Meanwhile, Jumeirah Lakes Towers (JLT) was the second most searched-for location for apartment rentals, with 5 percent more search hits in September than in August.
JLT came third place for apartment sales, however, with a 0.3 percent drop in search hits over the period.
Dubailand overtook Downtown Dubai for the third spot in most popular locations for apartment rentals, because of its affordable residential options, Bayut’s report said. Dubailand generated 27 percent more search hits in September than in August.
Bayut added that, despite reports of a property market slowdown in recent months related to the anticipated supply of 25,000 new units by the end of 2015, the rental market still witnesses “strong demand” and price stabilisation.
Dubai commands average annual rental returns of over 7.2 percent of the property value, “which is even higher than in London”, the report said.