Dubizzle Reveals Popular Properties in Close Proximity to Dubai Water Canal
dubizzle Property has revealed the average rental and sale prices of properties in six hand-picked areas located on either side of the Dubai Water Canal, which recently completed its one-year anniversary.
Inaugurated in November 2016, Dubai Water Canal is a joint venture of the Roads and Transport Authority (RTA), Meydan and Meraas. The iconic canal with unique aesthetics offers a variety of luxurious restaurants, housing options and leisure for tourists and residents.
With over 150K properties listed per month, dubizzle Property identified Jumeirah, Al Wasl, Mohammed Bin Rashid Al Maktoum City - Meydan City, Downtown Dubai, Business Bay and DIFC as the most popular neighbourhoods for those looking to rent or buy properties in close proximity the Dubai Water Canal. A total of 57,452 properties were listed in these areas from January to October 2017, which fall along the three-kilometer long water canal.
The most popular rental areas amongst dubizzle Property users were Jumeirah, recording over 1.1 million searches during this period, followed by Al Wasl with 336K searches, and Mohammed Bin Rashid Al Maktoum City - Meydan City with 167K searches. The highest searched areas for property for sale included Downtown with over 2.7 million searches, Business Bay area with over 1.9 million searches – which has been named one of the ‘world’s coolest neighbourhoods’ by travel experts Lonely Planet – and DIFC with over 417K searches.
In this regard, Umar Bin Farooq, Chief Executive Officer at One Broker Group, winner of Top Account Management Agent award at the Exclusive Agency Club 2017 by dubizzle, commented: “Waterfront projects in Dubai have historically shown remarkable growth and high demand from local and international investors alike. The Dubai Canal is no exception, offering unique projects and an exceptional range of leisure activities that will drive a significant volume of visitors and residents. This new development provides a welcome respite to the residents from the busy urban life, yet ensuring that they are not far away from the luxuries they enjoy.”
Apartments for Rent
Mohammed Bin Rashid Al Maktoum City - Meydan City was identified as the most affordable rental area for one-bedroom apartments, with the average annual cost standing at AED 80K. Al Wasl ranked in second at AED 105K, followed by Jumeirah at AED 130K. Two-bedroom apartments followed a similar trend, with prices for Mohammed Bin Rashid Al Maktoum City - Meydan City starting at AED 122K, Al Wasl at AED 140K, and Jumeirah at AED 190K.
Villas for Rent
For bigger families looking to live and leverage the facilities close to the canal, three-bedroom villas in Mohammed Bin Rashid Al Maktoum City - Meydan City start at an average of AED 182K, with properties in Al Wasl averaging at AED 200K, Jumeirah at AED 200K. The average cost for four-bedroom villas in Mohammed Bin Rashid Al Maktoum City - Meydan City and Jumeirah were 220K, while average rents in Al Wasl were around AED 225K.
Property for Sale
For those wanting to make a long-term investment in a property near the Dubai Water Canal, studio apartments start at an average of AED 850K in Business Bay, followed by AED 1.2 million in Downtown, and AED 1.32 million in DIFC. One-bedroom apartment prices in Business Bay and Downtown Dubai were identified as the most affordable, both starting at an average of AED 1.3 million, followed by DIFC at AED 1.9 million. Two-bedroom apartment prices in Downtown and Business Bay averaged at AED 2.05 million and AED 3.6 million respectively, with DIFC ranking third at AED 3.2 million.
“The Dubai Water Canal provides a unique offering for both tourists and residents that are looking for a new style of living in Dubai. Areas in close proximity to waterfronts have a reputation of being expensive, however, there are a range of affordable options on offer in areas,” commented Samer Abdin, General Manager, dubizzle Property.
dubizzle.com is the leading classifieds website for users in the UAE. Since its launch in 2005 by J.C. Butler and Sim Whatley, dubizzle.com has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non- product assets such as space, skills and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.