Maximum demand for rentals under Dh50,000

Properties being leased under Dh50,000 per annum are witnessing the maximum demand, as studios no longer remain the choice of most people, according to a report by Propertyfinder.ae.

"Almost one in five people now inquire about property for lease under Dh50,000 with studios barely looked at. People are viewing more desirable locations as they become more affordable and price wars keep very small and very large units at bay," the real estate website said in its third quarter report.

Dubai Marina tops the list with 19.2 per cent of the total sale searches and 16.8 per cent of total rental searches. Palm Jumeirah and Jumeirah Lakes Towers follow as next popular destinations.

"Traditional lower priced areas are struggling to keep afloat now as the more popular areas are experiencing a significant price competition. The good news is the quality of listings is getting better each month as a result of heightened competition," the report said.

Besides, the top price search rose to Dh2.5 million for the first time this year as majority of the buyers looked at properties in the Dh1.5m bracket.

The search results, according to Propertyfinder.ae, are stemming from over 550,000 visits, 3m property page, 100,000 properties and 200 brokers.

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