One-bed apartment costs $462,000 in Dubai
Dubai, July 27, 2014
A one bedroom apartment in Dubai costs Dh1.7 million ($462,837) on an average, according to a new report by leading property search website propertyfinder.ae.
The report said Dubai studio prices stand at AED 959,000 and a two-bedroom apartment at Dh3 million.
The report said Dubai Marina topped the ranking for the most searched communities in the city. The average apartment price in the waterfront community is Dh2.8 million and a villa Dh8.5 million. The price per square foot for an apartment is Dh1,959 while that of a villa is Dh1,732.
"Dubai Marina has been at the top of our rankings for over 2 years now - no small feat in a city like Dubai where new developments are being launched every other week. The community is where everything is - business centres, beaches, entertainment, gorgeous views, stylish pads and hip nightlife," said Renan Bourdeau, deputy CEO of propertyfinder.ae.
Dubailand seems to be a favourite amongst prospective buyers as well, grabbing fourth spot in quarter two despite not figuring in the top 10, two years ago. Prices here are much lower than those in the Marina. Asking prices for apartments stand at Dh1 million and that of villas at Dh5.3 million. Aside from being a popular destination for those looking to save some cash, the development has a low-key, quiet vibe that's not so easily found in Dubai's busier, more heavily trafficked neighbourhoods, the report said.
According to propertyfinder.ae's report, Dubai Marina was also the most searched community on the site for renting property in Q2, despite rises in asking rents. On an average, renters can expect to pay Dh66,000 for a studio, Dh106,000 for a one bedroom unit and Dh172,000 for a two bedroom unit in Dubai.
In the Marina, rents have risen, equating to an average of Dh166,000 for an apartment and Dh306,000 for a villa in the waterfront community. Dubailand was placed second in the list of Dubai's most searched rental communities on propertyfinder.ae this quarter. It offers on an average, apartments for Dh71,000 and villas for Dh253,000.