Silicon Oasis most popular area for renting in Dubai

DUBAI: The most popular area for renting an apartment in February 2018 in Dubai was Dubai Silicon Oasis, according to the latest survey by Rents for 1 and 2 beds here were AED 55k and AED 80k respectively, representing a 0.20% drop for the latter while the former stayed stable. The price of studios in the neighbourhood dropped 5% to AED 38k.

Last month’s most searched for area, Dubai Marina came in third place. Rents of studio, 1 and 2 beds here were AED 62k, AED 88k and AED 130k respectively. The annual rent of 2-beds remained the same as in January 2018, but studios dropped by 4.62% and 1 beds increased by 3.53%

The neighbourhood of Jumeirah was the most searched for area by users. 3-beds here were listed at an average annual rent of AED 177.5k, dropping by less than 2%, 4-beds decreased by 8.33% to AED 220k and the rent of 5-beds stayed the same as in January 2018 at AED 280k.

The most affordable area to rent a villa in February 2018 is Mirdif, even though prices of 3-beds increased to AED 115k. However, 4-bed properties here declined by 3.85% to AED 125k.

Apartments for sale in Dubai Marina were the most searched for in February. Just as in January 2018, the most popular area for those looking to buy an apartment in Dubai is Dubai Marina. The average sale price of studios increased slightly to AED 85.4k while 1 and 2 bedrooms here declined to AED 1.2M and AED 2.02M, i.e., by 4.25% and 7.95% respectively.

The expected average ROI for apartments in Dubai stayed relatively stable as compared to January 2018 at 6.58% – less that 1% more than what it was in January.

Villas for sale in Arabian Ranches were the most searched for in February 2018. Once again, the most searched for area by people looking to buy a villa is Arabian Ranches. The average sale price of villas here increased slightly compared to the previous month. Three bedroom villas in Arabian Ranches were listed at AED 3.12M, (0.8% more), 4-beds at AED 4.25M (1.2% more) and 5-beds at AED 5.2M (3.3% more).

The average ROI for villas in February increased by 1.34% compared to January, ending at 5.29%. The property market in Dubai showed stability in February 2018, with the greatest price fluctuations caused by the influx of off-plan properties in certain areas.

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