Prices In UAE Are Back To 2006 Level

Prices In UAE Are Back To 2006 Level

2 3965

construction-in-dubai-in-2006

Real estate prices in the United Arabian Emirates are now back to a similar level as they were in 2006. Propertyfinder.ae is an UAE based online real estate portal and according to their latest comparison of the Emirates top locations they came to this conclusion.

More than 120,000 website visitors contributed to the survey which was correlated over the space of one month. According to the survey, the most popular place to rent in the UAE is Abu Dhabi’s Khalifa City.

The hottest place to buy is still The Springs in Dubai. Over 27 percent of the traffic voted for this spot.

Sambartolo, head of marketing at propertyfinder.ae, said: “May’s survey is confirming a pattern of price sensitivity. People are chasing the best rental deals with the best options and the location is secondary, within reason.

This is also driving prices to be more competitive in areas where previously thought to be immune. The pricing levels are now sitting around the same as they were in year 2006 – and in some areas, year 2005.

We are seeing areas in Abu Dhabi gaining momentum in popularity for a variety of reasons. On the buying side, the usual suspects are keeping their ground. Sought after areas are now beginning to sell at reasonable prices, still high from a global perspective but definitely not exaggerated.”

Other popular spots for rentals are the Dubai Marina and Al Barsha. On the buying front, tying in second was Dubai’s Discovery Gardens with 20 percent of votes. Following was International City with 15 percent of the traffic.

Photo credits: Jake via flickr