propertyfinder.ae, the UAE’s largest dedicated property portal, has released its 3rd quarter Real Estate Report for Dubai and Abu Dhabi. The report showcases search trends and habits from 1 million visits to the site from July through September 2011.
Its most significant findings reveal that, in Dubai, searches for renting an apartment dropped 15%, whilst searches for renting a villa increased 17% when compared to the same period in 2010.
At the same time, properties priced under Dhs 100,000 witnessed a 30% spike in search interest, indicating that despite the swing towards villas, demand remains strong for affordable apartment rentals in Dubai.
Renan Bourdeau, Managing Director at propertyfinder.ae, suggests that the sharp increase in searches for lower priced apartments can be explained by the continued increase in supply of apartments, especially in the Marina and JLT areas, which brings prices down, giving renters new options without needing to pay more.
“Dubai apartment renters whose leases are up for renewal have decided that it may be more worthwhile to pay the same price but enjoy a larger room. And those previously sharing an apartment with a roommate now have the option of upgrading to living alone at no extra cost,” adds Bourdeau.
Michael Burke, owner at Arabian Escapes Real Estate Company in Dubai, notes that searches for villas may be on the increase because a large supply of villas under Dhs 150,000 has become available in Arabian Ranches and The Springs.
propertyfinder’s Q3 Real Estate Report shows that Arabian Ranches has now become the 3rd most popular location to search for with a 1.5 percentage point increase over Q2. Dubai Marina is currently the most popular location search.
