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Dubai tower posts impressive Q2 growth

Dubai, October 8, 2012

Princess Tower, the world’s tallest residential building standing tall at 414m with 101 floors on Dubai Marina, has registered an impressive growth during July and August, said a report.

The building, which comprises 763 units, 957 underground parking bays - spread over six floors and eight retail outlets - was completed and delivered by its developer, Tameer Holdings, in September.

The tower has sparked the interest of both the investors and general buyers and has gained the maximum popularity index (PI) points on Buying Search Trends of Bayut.com.

These results were based on the findings of 61,955 unique searches made for Dubai Marina properties on Bayut.com between July and August.

Princess Tower occupied the 16th spot on Bayut Search Trends at the end of second quarter. Between July and August, the skyscaper leapfrogged over 15 other towers to claim the top spot with an increase of 83 PI points.

The biggest jump for the tower came in July when it reached the second spot and pocketed 55 PI points, said its developer Tameer, citing the Bayut data.

Dubai Marina is the unprecedented chart topper as far as Bayut Search Trends go but within Dubai Marina per se, the competition is always intense. Dubai Marina has the highest density of some of Dubai's best units and these units keep gaining and losing points on Bayut chart, reflecting the kind of cutthroat competition that prevails in Dubai’s realty market.

Dubai’s high-end property, despite the worst economic meltdown, never really went out of demand and the kind of welcome that’s been rolled out for high-end skyscrapers like Princess Tower is the prime example of their popularity, said the report.

July also reflected a significant increase in the number of its unique visitors where more and more people looked it up on Bayut.com.

By the end of August, the search volume for Princess Tower doubled as it hoisted itself up the ranks and claimed the top position with a hundred popularity index points.

Within Dubai, the top three positions remained unchanged where Dubai Marina, Jumeirah Lake Towers and Downtown Dubai occupied first, second and third position respectively.

Rankings for communities within Dubai remained consistent throughout July and August where the charts spelled out Dubai Marina's superiority over other communities as it maintained its top rank with 61,955 unique searches.

Jumeirah Lake Towers, which has consistently been performing well throughout Q2, also maintained the second spot during both the months.

However, that was not the case for buying trends in Abu Dhabi. Overall, there has been a general downward trend in the search volume of the UAE capital ever since Q2 while Dubai properties gained more traffic on Bayut.com.

Abu Dhabi has continued to lose PI points as well as its unique visitors which was 27,143 in July but dropped to 21,139 in August.

An interesting change presented by the UAE charts in July was Sharjah's jump over Ajman and the gain of one point in its PI. Although it lost that one point in August but it maintained its ranks, depicting a healthy buying activity in the market.
 
The situation certainly seemed brighter for Abu Dhabi Rental Trends at the start of Q3 as it showed a steady climb. Abu Dhabi has been dealing with a longstanding problem of oversupply but despite the drop in its rents, it gained solid 16 PI points between June and August.-TradeArabia News Service




Tags: abu dhabi | Dubai | residential | Princess tower | skyscaper |

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