Jumeirah, Al Wasl, Mohammed bin Rashid Al Maktoum City – Meydan City, Downtown Dubai, Business Bay and DIFC are the most popular areas for those seeking to rent or buy properties near the Dubai Water Canal, according to dubizzle Property.
According to new figures from dubizzle, Mohammed bin Rashid Al Maktoum City – Meydan City has experienced an increase in rents as facilities and infrastructure near completion, with four-bedroom villas in the area witnessing an increase of 8 percent to an average of AED 355,500 this year, compared to AED 330,000 last year.
For larger families hoping to be located near the canal, Jumeirah villas were found to offer the best value, with three-bedroom villas averaging AED 172,000 – a 4 percent year-on-year decrease.
Jumeirah was followed by Al Wasl, where renters paid, on average, AED 175,000 for a three-bedroom villa.
When it came to apartments for sale, studio apartments in DIFC were also found to be experiencing a rise in value, up 8 percent year-on-ear to AED 1.4 million. However, properties along the canal were found to have seen a decrease in price, with studio rents in Downtown falling 13 percent to AED 1.1 million.
For those seeking a longer-term investment, Mohamed bin Rashid Al Maktoum City – Meydan City was found to offer the best value, with studios starting at AED 430,000, compared to AED 850,000 for one-bedroom and AED 1.3 million for two-bedroom apartments.
The statistics also show that that the price of two-bedroom apartments in Business Bay fell 17 percent, with average prices starting at AED 1.75 million.
The rental market near the canal was found to have remained relatively stable, with rents for one-bedroom apartments falling just 2 percent.
The most affordable place to rent was identified as Business Bay, where the average annual rent for a studio stood at AED 58,000, compared to 77,500 for one-bedroom apartments and AED 110,000 for two-bedrooms.
Downtown Dubai ranked second for studio rents, which averaged at AED 67,000. DIFC had the next-best value for one-bedrooms, with an average annual rent of AED 122,500.
“The Dubai Water Canal is proving a popular destination for Dubai residents looking for a waterfront view,” said dubizzle Property general manager Samer Abdin.
“With sale prices in certain areas bucking the current trend for softening real estate prices in the emirate, people are attracted by the new amenities cropping up around the canal,” he added. “However, there are still a wide range of affordable options on offer in the area, especially for those looking to rent one-bedroom apartments.”
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