Dubai Marina tops the enquiry list for property buyers in Dubai

Dubai Marina is one of the most popular developments in the emirates to buy property along with Palm Jumeirah and Jumeirah Lake Towers, a report suggests.

Data from real estate website propertyfinder.ae has found that the Dubai Marina waterside project received more than 18% of searches among would be buyers in the fourth quarter of 2010 and 18.02% of searches for rental properties.

The Palm Jumeirah project had 12% of buyers searched and in rentals Jumeirah Lake Towers was the second most popular spot with 8.58% of searches.

Least popular among potential buyers was Jumeirah, with less than2% of enquiries, with The Lakes and Green Community notching up a fraction. In the rental market Dubai Silicon Oasis, International City and Dubai Land attracted the least attention, each with less than 2.5% of online enquiries.

Among buyers, the single most popular price band was up to AED2.5 million, however, the gross majority of searches targeted properties at AED1 million or under. While renters had tighter purse strings with the top five price searches all aimed at property costing AED100,000 or less per year. Enquiries for properties at more than AED200,000 a year were almost nonexistent.

More than a third of buyers were looking for an apartment and 25% viewed villas. Two bedroom properties were most popular and almost no one was looking for a studio. Those looking to rent favoured two and three bedrooms and were also not looking for studios.

The total value of real estate deals in Dubai plunged 65% in 2010 as new supply squeezed market prices, a new report has said.

Meanwhile, the gap between supply and demand is expected to widen in Dubai in 2011. Sales are slowing. The number of deals fell by more than half in the third quarter of 2010, according to the latest report from consultants Jones Lang LaSalle. Less than 600 property transactions were completed, down from more than 1,200 in the same period in 2009.

The market is likely to see a further 25,500 units come online in 2011, analysts said, with no major project cancellations expected over the next year. ‘Dubai’s residential market will continue to experience a situation of oversupply and prices are not expected to recover before 2012,’ the report said. Apartments will make up 79% of stock.

Lending will remain a key factor in market recovery. The report suggests that the residential market will likely see improved lending in 2011 as more banks are injecting liquidity into the mortgage market.