Head start
In this regard, Nshama’s Town Square will be one of the main beneficiaries, having already set itself up as a location where more units are being delivered regularly. Listings show a one-bedroom apartment (with chiller thrown in) with an asking rent of Dh28,000. STOCK Dubai property chart Image Credit: Supplied
Emaar’s Mira – where a three-bedroom home starts from Dh84,000 - and Arabian Ranches remain steadfast on the popularity side, if residents want a place some distance away from high-rise clusters.
Need for more (with less?)
Going by what Dubai residents are searching for when it comes to property, the need for more space is right up there. Top keywords through the year included ‘upgraded’, ‘furnished’, ‘pool’, ‘payment plan’ and ‘sea view’, according to PropertyFinder.
Prime and central locations such as The Springs, Dubai Marina, Jumeirah Lakes Towers and Arabian Ranches are also seeing an increase in demand as people, who were earlier priced out of these communities, now find them affordable.
Dubai’s real estate market slowed after a drop in oil prices that began in 2014, in tandem with an oversupply in the market as projects are completed. JLL’s third quarter UAE Real Estate Market report said about 26,000 new homes were scheduled for completion in the final quarter of this year.
Transactions picked up in November, though, with Property Finder stating the 3,928 sales registered were the highest in the emirate for nine months, generating Dh7.65 billion. Dubai has registered 33,537 transactions worth Dh69bn so far this year.