propertyfinder.ae has teamed up with MoveSouq.com to give readers an insight into sthe moving trends in Dubai for the first three quarters of 2015.
What can we see?
– Following, at a slightly slower rate, are Business Bay (ranging from 112,000AED-174,000AED a year) and Jebel Ali Village (ranging from 81,000AED and 85,000AED a year).
– For Silicon Oasis and neighboring Academic City, move in traffic has been increasing and move out traffic has seen a decline at 2.70%. The average annual rent for a 1BR apartment in these areas is 78,000AED and 120,000AED for a 2BR.
– Closer towards Sharjah, Mirdif, Muhaisnah, Al Warqa, and Al Mizhar areas have seen an increase in move-in traffic, with annual rent ranging between 73,000AED and 120,000AED for 1BR and 2BR apartments.
What does this mean?
At a first glance, we can notice that the areas with the most traffic (inbound and outbound) are the established hotspots such as Dubai Marina, Downtown Dubai, JLT or Business Bay. However, many people are moving out of these areas and we are seeing a high rate of people moving in to the more affordable and newly-established neighborhoods of Jumeirah Village, Dubailand and Silicon Oasis.
Although rents in prime locations (Downtown, Marina etc.) have seen a decrease of 2-7% (check out our report on the top areas where rent has dropped in Dubai), Dubai residents are seeking alternative solutions and find accommodation in new neighborhoods where rents have been relatively stable and remain lower than central districts.
How did we do it?
Using propertyfinder.ae’s data for apartment rental transactions during 2015, along with the data provided by MoveSouq.com on move-in and move-out requests over the first three quarters of the year, we were able to put together an infographic and notice the established patterns of movement across the emirate. The above sample only includes areas with greater than 50 move in requests in Q1-Q3 2015.
Check out our Market Trends section for more in-depth analysis of the real estate industry in Dubai.