New Dubai scores high when it comes to the most sought-after residential communities in the city this year, according to real estate agencies.
According to Better Homes, Dubai Marina beats all other communities when it comes to rent.
“The most popular residential areas in leasing for the first half of this year was Dubai Marina,” Annetta Shaw, Head of Residential Sales and Leasing, Head Office, Better Homes told Emirates 24|7.
Rushiraj Mehta of Legacy Real Estate believes that within the villa category Springs and Meadows recorded a decent jump in rent transactions in the first quarter of this year, making these communities a popular choice.
“The Springs and Meadows recorded a 5 to 8 per cent jump in rental deals in Q1 of 2012. The increase was not that huge due to a high number of available villas but still decent considering the size of this community,” Mehta elaborated.
Within the apartment category, Mehta believes Executive Towers in Business Bay beats all other communities and buildings.
“Executive Towers in Business Bay recorded a minimum of 10 per cent increase over the previous year and Emaar’s Greens clocked a 5 to 8 per cent jump in rental deals over the same period last year,” he added.
As per Asteco estimates, towards the end of H1 2012, rental rates in established quality communities achieved average increases of 6 per cent.
Apartments in Dubai Marina and Downtown Dubai were the most sought after witnessing a 10 per cent increase, with a two-bedroom apartment fetching between Dh90,000 and Dh120,000 per annum.
Within the villa category, Asteco figures show that the rent increase was seen most in Mirdiff area as demand strengthened.
“Mirdiff showed the largest increase with rent for a three-bedroom house increasing to Dh90,000 per annum a 13 per cent jump from Q1 2012. Double-digit (11 per cent) growth was also recorded in Arabian Ranches,” said a report by Asteco.