New research says a studio apartment in Dubai costs average of $261,000 in Q2
The average price of a studio apartment in Dubai stands at AED959,000 ($261,094), according to new research by the UAE’s property search website, propertyfinder.ae.
The website also revealed that an average one-bedroom apartment in the city costs AED1.7 million and a two-bedroom apartment carries an average price tag of AED3 million.
Its research also showed that the most searched communities in Dubai among prospective buyers is Dubai Marina where the average apartment price is AED2.8 million and AED8.5 million for a villa.
The research comes as Dubai’s real estate market continues to be one of the world’s best performing with annual price increases of around 25-30 percent.
“Dubai Marina has been at the top of our rankings for over 2 years now – no small feat in a city like Dubai where new developments are being launched every other week. The community is where everything is at – business centres, beaches, entertainment, gorgeous views, stylish pads and hip nightlife,” said Renan Bourdeau, deputy CEO of propertyfinder.ae.
Bourdeau added that Dubailand is growing in popularily among prospective buyers, claiming fourth spot in the second quarter of 2014 despite not figuring in the top 10 two years ago.
Propertyfinder.ae said asking prices for apartments in Dubailand stand at AED1 million while villas cost AED5.3 million.
According to propertyfinder.ae’s latest report, Dubai Marina was also the most searched community on the site for renting property in Q2, despite rises in rents.
On average, tenants can expect to pay AED66,000 for a studio, AED106,000 for a one-bedroom pad and AED172,000 for a two-bedroom unit in Dubai.