Al Furjan, JVC and The Villa are in favour among buyers and tenants
Despite a reputation for luxury, those who call Dubai ‘home’ often have more modest needs, especially if there is a family to support.
We rounded up the 5 most affordable communities (based on AED median price per square foot) in Dubai to rent or buy a villa, so those looking to make a move before the new school year starts or for a strong investment opportunity can make an informed decision.
For renters, The Villa, a community of Spanish-style homes southeast of Downtown near Silicon Oasis, made its debut on the top of our affordability ranking. It dropped in asking prices by 13% over the last 12 months to 34 AED per square foot. Declines were a bit steeper in Al Furjan, down 15% in the last year, and ranked second in affordability, our data shows.
Although prices are still declining, consumers are staying on the fence about whether to buy now or wait, as the large down payment needed to purchase a property continues to be a hurdle for most end-users, according to Lynnette Abad, Director of Data and Research, Property Finder Group.
“Once the new 10-year visa and 100% ownership of foreign companies legislation is formally released and all details are known, this will certainly have an indirect effect on the real estate industry,” says Abad. “The new legislation will likely give expats confidence to invest in property locally due to the assurance they can remain in the country for a longer period of time.”
Al Furjan, Jumeirah Village Circle, and The Villa actually appear on both lists (to rent and buy) and are worth a look as family-friendly options with lots of brand new units to their name, and in central locations with short commutes to all of Dubai’s business hubs.
Price Trends by Community