Real Estate Report – Q4
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2013 Real Estate Report – Q4 Local property intelligence to help you make more informed decisions • See the property search habits of buyers and renters • Find out which areas are on the up and which are going down • Get data from the UAE’s largest real estate portal • Essential reading for investors, brokers, buyers and renters BUY Real Estate Report – Q4 2013 Introduction Providing information about the UAE’s property market in a format that is easy and reliable, this report gives you the lowdown on trends and habits of those searching for a property on propertyfinder.ae across the UAE with data derived from: • Over 2 million visitors • Over 4,000 licensed real estate brokers • Over 150 million properties viewed • Over 270,000 properties listed The report has been broken down into the buy section (in red) and rental section (in blue) with sub categories in each segment. DXB - Top 10 BUY Locations by Property Views DXB - Location Search Terms Property Views 1 Dubai Marina 18.67% Dubai Marina • 2 Downtown Dubai 10.34% • Downtown Dubai 3 Palm Jumeirah 10.04% • Palm Jumeirah 4 Jumeirah Lake Towers 5.71% • Jumeirah Lake Towers 5 Dubailand 5.70% 6 Jumeirah Village Circle 4.75% • Dubailand 7 Arabian Ranches 4.70% Jumeirah Village Circle • 8 Dubai Sports City 4.33% • Arabian Ranches 9 Jumeirah Beach Residence 3.45% • Dubai Sports City 10 The Springs 3.03% • Jumeirah Beach Residence 11 Business Bay 2.86% • The Springs 12 Dubai Silicon Oasis 2.13% 13 Emirates Hills 2.09% With its unspoiled private marina, waterfront promenades, properties 14 Jumeirah Park 1.95% that capture sweeping sea views and small-town charm, Dubai Marina 15 International City 1.83% makes the ideal possible: a vacation-like lifestyle with easy access to 16 Meadows 1.69% business and culture. It’s no wonder then that the community has 17 The Lakes 1.46% topped our list of Dubai’s most searched locations to buy property in, 18 Reem Community 1.44% for the 4th consecutive quarter this year. 19 The Views 1.36% Downtown Dubai, Palm Jumeirah and Jumeirah Lake Towers remain firm 20 Old Town 1.35% favourites with buyers, retaining their 2nd, 3rd and 4th spots respectively, since Q3 this year. Dubailand moved up one place to secure the 5th spot this quarter. The community has seen a steady rise in popularity since Q4 2012 when it was placed 9th. Improved amenities, range of housing types and affordable property prices make it a great alternative to Dubai’s exclusive, pricey locales. From not figuring in the top 10 in Q4 2012 to occupying the 8th position exactly a year later, Dubai Sports City’s reputation has soared as a high-value property hot spot. The broad recovery in the residential market is pushing up sale prices across most areas, including mid-market communities such as Dubai Sports City. Reem Community, Emaar’s latest 208-acre themed villa development located next to Arabian Ranches, made its debut appearance in the top 20 this year, securing 18th position. AUH - Top 5 BUY Locations by Property Views AUH - Location Search Terms Property Views 1 Al Reem Island 28.10% Al Reem Island • 2 Al Reef 20.31% • Al Reef 3 Al Raha Beach 15.42% • Al Raha Beach 4 Saadiyat Island 8.70% • Saadiyat Island 5 Al Raha Gardens 7.01% 6 Al Raha Golf Gardens 5.76% • Al Raha Gardens 7 Hydra Village 4.96% 8 Al Ghadeer 2.36% Al Reem Island, Al Reef and Al Raha Beach continue to dominate the list of most searched neighbourhoods in Abu Dhabi amongst 9 Khalifa City 2.10% prospective buyers. More than 2,500 residential units were delivered 10 Nurai Island 1.14% during Q3 in Al Reef, Al Reem Island and Al Raha Beach, the effects of which could be seen in Q4. Al Ghadeer moved up to 8th spot from 10th in Q3 whilst Nurai Island, an ultra-luxury private island villa development near Saadiyat Island, which failed to secure a place in the top 10 list in Q3 jumped to 10th place this quarter. The resurgence of interest in the development, given the fact that in Q4 2012 the community featured 7th on the list, can be attributed to the growth in sales prices and transaction volumes for high-end properties in Abu Dhabi over the last quarter. Whilst Hydra Village and Al Raha Gardens continue to remain desired neighbourhoods, Mohammed Bin Zayed City which was placed 9th in Q3 failed to feature in the top 10 this quarter. Khalifa City, however, retained its 9th spot year-on-year. With construction set to begin on the massive New Khalifa City project, the community is likely to enjoy continued interest. RENT Real Estate Report – Q4 2013 DXB - Top 10 RENT Locations by Property Views DXB - Location Search Terms Property Views 1 Dubai Marina 18.41% • Dubai Marina 2 Jumeirah Lake Towers 8.46% • Jumeirah Lake Towers 3 Downtown Dubai 7.11% Downtown Dubai • 4 Palm Jumeirah 6.00% Palm Jumeirah • 5 The Springs 4.50% • The Springs 6 Dubai Sports City 4.09% • Dubai Sports City 7 Jumeirah Village Circle 4.03% • Jumeirah Village Circle 8 Dubailand 3.85% • Dubailand 9 Jumeirah Beach Residence 3.78% • Jumeirah Beach Residence 10 International City 3.60% • International City 11 Al Barsha 3.07% 12 Arabian Ranches 2.92% HIGHLIGHTS 13 Jumeirah 2.44% The top 5 most searched locations to rent stayed the same with Dubai 14 Mirdif 2.42% Marina leading the front and Jumeirah Lake Towers, Downtown Dubai, 15 Business Bay 2.33% Palm Jumeirah and The Springs following suit for the 4th consecutive 16 Greens 2.33% quarter this year. 17 Discovery Gardens 1.97% Barsha has seen a decline in popularity over the year, moving down 18 Umm Suqueim 1.89% to 11th spot this quarter from 6th and 8th positions in Q3 and Q2, 19 Meadows 1.79% respectively. 20 Jumeirah Park 1.76% On the other hand, Jumeirah Village Circle moved up 5 places to reach 7th spot this quarter from 12th position in Q3 and Q2 and is becoming a more viable and affordable option to live in than the more established villa communities. International City also saw a revival of sorts this quarter, moving up 4 places to 10th spot, earning a place in the top 10 for the 1st time this year. AUH - Top 5 RENT Locations by Property Views AUH - Location Search Terms Property Views 1 Al Reem Island 18.40% • Al Reem Island 2 Khalifa City 11.29% • Khalifa City 3 Al Reef 9.67% Al Reef • 4 Al Raha Beach 7.21% Al Raha Beach • 5 Al Khalidiya 6.73% • Al Khalidiya 6 Corniche Road 5.14% 7 Muroor Area 4.56% HIGHLIGHTS 8 Airport Road 4.39% Reem Island remained the most searched community in Abu Dhabi 9 Al Bateen 3.34% amongst renters year-on-year generating over 18% of the searches this 10 Hydra Village 3.12% quarter followed by Khalifa City, Al Reef, Al Raha Beach and Al Khalidiya. Whilst rents in Dubai have increased, narrowing the rental gap between Dubai and Abu Dhabi, those in Abu Dhabi remained relatively unchanged since Q3. This along with the fact that public sector workers relocating to the capital would most likely opt to live in the more popular communities could explain the consistent rental trends in the capital. Hydra Village made its debut entry into the top 10 given the handover of over 500 units this year whilst Mohammed Bin Zayed City dropped out of the list this quarter. Saadiyat Island, quite popular in Q4 2012 and Q1 2013, also failed to make it to the list this quarter. Muroor Area, on the other hand, has seen a steady rise in popularity since Q4 2012, occupying the 7th spot this quarter with an increase of 2.4 percentage points year-on-year. The recent influx of people relocating to Abu Dhabi and on the lookout for affordable rental communities has been one of the factors that has contributed to the upsurge in interest in the area. BUY Real Estate Report – Q4 2013 UAE - Top 10 BUY Price Bands by Property Views BUY - Price Band Property Views 1 500,000 - 1,000,000 AED 13.04% • 500,000 - 1,000,000 AED 2 1,000,000 - 1,500,000 AED 12.30% • 1,000,000 - 1,500,000 AED 3 10,000,000 AED and more 11.91% 10,000,000 AED and more • 4 1,500,000 - 2,000,000 AED 11.07% 1,500,000 - 2,000,000 AED • 5 2,500,000 - 3,000,000 AED 8.30% • 2,500,000 - 3,000,000 AED 6 2,000,000 - 2,500,000 AED 8.22% • 2,000,000 - 2,500,000 AED 7 3,000,000 - 3,500,000 AED 5.89% • 3,000,000 - 3,500,000 AED 8 0 - 500,000 AED 5.87% • 0 - 500,000 AED 9 3,500,000 - 4,000,000 AED 4.63% • 3,500,000 - 4,000,000 AED 10 4,000,000 - 4,500,000 AED 3.54% • 4,000,000 - 4,500,000 AED 11 4,500,000 - 5,000,000 AED 3.10% 12 5,000,000 - 5,500,000 AED 1.92% HIGHLIGHTS 13 6,000,000 - 6,500,000 AED 1.82% AED 500,000 - 1 million remained the most searched price band this 14 5,500,000 - 6,000,000 AED 1.65% quarter, defending its number one position year-on-year.