The property market in Dubai, UAE, witnessed mixed results in the first half with opposing trends for two of the emirate's most popular luxury villa communities - Arabian Ranches (where rents soared high) and Emirates Hills (where rents took a dive), said a report by propertyfinder, a key real estate portal.

This is further evidence to prove that 2016 had been an up-and-down kind of year for the Dubai property market, stated the portal.
 
In the first six months of 2016, the rents at Arabian Ranches went up by a significant six per cent. The average villa lease price in January at the gated community was Dh250,000 ($68,046) per annum. In July this had risen to an average of Dh265,000 ($72,129).
 
Just 15 km across town in the upscale Emirates Hills district, it is a very different story, said propertyfinder in its report.

Rents there have plunged about 12.5 per cent from an average of Dh1.2 million ($326,619) per annum in January, to an average of Dh1.05 million ($285,792) in July.
 
“Our in-depth statistical analysis, drawing from the vast range of data generated by the site, always brings up a few startling trends,” remarked Lukman Hajje, the chief commercial officer at propertyfinder.ae.
 
"It’s no secret that we are still dealing with the side effects of the slashed oil prices and other economic factors, so it is not too surprising that Emirates Hills - one of Dubai’s most glamorous communities - would be affected. However, rents dropping by over 12 per cent in just six months is an attention grabber," noted Hajje.

"It may be that Arabian Ranches - also an upscale community, but to a lesser degree - is seeing an upturn in fortunes as renters with plenty of cash are deciding to spend it slightly more cautiously," he added.
 
The propertyfinder search results statistics bear out this theory with Arabian Ranches being number one of the top 10 most viewed communities for rental villas in July – while Emirates Hills did not appear in the top 10 list at all.-TradeArabia News Service