Popular Communities to focus on when looking at Rentals in Dubai

The roller coaster ride for the property sector in the Middle East continues. The real estate segment has been plagued by demand-supply constraints and infrastructural support issues. After months of price hikes, the global financial slowdown had finally began to affect the market sentiment. The bubble soon burst and the past year and half ended up bearing witness to some of the strongest negative revision in purchase and rental rates.

The current year began with a lot of promise. The authorities and regulatory bodies stepped in to settle frayed nerves and curb the friction between developers and buyers/renters. While the rentals in Abu Dhabi continued to be affected in the first half of 2012, the situation in Dubai appears to be coming back to normalcy. Data coming in from various sources seems to support this view.

Two of the most popular areas for prospective realty customers in Abu Dhabi continued to swing wildly on the inquiries charts. Both, Al Raha Beach and Al Reem Island kept trading places on realty observers’ indices. Apart from over supply, industry sources were also found to be pointing towards falling construction quality for the drop in prices.

The realty market in Dubai on the other hand, has been seeing better days than before. Residential communities in the New Dubai area continue to be in high demand among prospective buyers/renters. The prestigious Dubai Marina garnered the maximum votes in the popularity charts and this was reflected in the comparably higher rental rates being quoted there.

In the Villa segment, it was the Springs and Meadows communities that were seen garnering a high inquiry rate. Even with a sizable amount of villa stock available, rental rates were seen to be five to eight percent higher in 2012. Mirdiff and the Arabian Ranches community too saw rental rates rising in comparison to the previous year. The Apartment rental segment saw the Dubai Marina area and Downtown Dubai with the maximum amount of interest from prospective customers. Properties such as the Executive Towers and Emaar’s Greens commanded rates that were higher by an average of six to ten percent.

One common thread running through the realty sector has been that the demand and subsequently, the rentals were higher for established communities that had earned their reputation for quality construction and the overall management practices.