Friday, January 21, 2011

Old areas in Dubai still high in demand

Although the rentals in newer localities of Dubai recorded decline over the past 18 months, the older parts of the emirate continue to be popular, it has been reported.

Localities such as Karama, Bur Dubai and Deira are still in huge demand and are the preferred locations for many. High accessibility levels, coupled with choice of all basic amenities such as grocery stores and eating-out joints all within vicinity, and reasonable cost of living in older areas, are the main factors for residents to opt for older localities in Dubai, a leading expert said.

The CEO of Landmark Properties, Charles Neil, who spoke to Emirates 24/7, mentioned that accessibility and lower day-to-day living costs are among the major factors behind high demand for older areas of the city.

The residents are accustomed to their well-established social circles in 'Old Dubai' and they are well-served for their shopping needs and restaurants, as once they move out, they may not enjoy the same level of accessibility, he said, while also pointing out to the fact that although rents in New Dubai may be cheaper, the quality of accommodation is far superior and the day-to-day living is also much higher.

However, this does not indicate that easing of rentals has not made its impact in the market. Several residents have moved from old to new Dubai recently, due to better affordability of leases.

Neil agrees that given the current market prices, and demand for new, better quality buildings, the demand for housing is much stronger in New Dubai, with few tenants of the Old Dubai, having moved to ‘New Dubai’.
But, Old Dubai is still quite popular, with people preferring to live in the same area where they world, and have the cultural community around them.

The Manager-Residential Sales & Leasing, Better Homes, Laura Adams, also acknowledged that the old Bur Dubai area continues to draw high demand.

2 comments:

Dubai property said...

Great information I feel pleasure to be a part of your precious blog. keep update us.

Rooms in Abu Dhabi said...

Apart from the well-established social circles that have been established in Old Dubai so that the people living there are well served for their shopping needs and restaurants to eat out in.