Good news, Dubai residents. Prices of properties in the Marina have dropped a whopping 18 per cent.
The much lower prices are in the city’s most popular area, especially loved by expats.
This fresh rate is relevant to studio apartments according to Dubizzle, the classifieds website, meanwhile three bedroom abodes have still stooped but by not as large an amount.
Instead they have decreased by 14 per cent and perhaps surprisingly, Deira homes are actually on the increase.
Why? While it’s generally a cheaper area, Deira is being sought after at the moment for cheaper housing in a bid to save money, despite the commute distance being longer for those who work near the Marina.
By comparison Deira house prices have risen by the same percentage that Marina selling prices have dropped. Meanwhile three-bedroom properties in Deira have increased by five per cent.
It comes as separate reports claim that luxury property buyers actually favour the Palm Jumeirah to live, rather than Downtown or the Marina.
Property consultancy Luxhabitat, says that sales worth Dhs499million were made in the first half of this year and each of the 48 properties were worth at least Dhs5million. That’s compared to the Marina and JBR combined making 40 sales worth Dhs349million and Business Bay totaling Dhs111million in their deals.
The Marina is said to be on average Dhs2,181 per square fooot while Jumeirah Beach Residence is Dhs1,598.
The findings also say that Downtown costs more per square foot to live in than any other area (Dhs3,776).