New Dubai is one of the most sought-after residential communities in Dubai this year, the real estate agencies have revealed.
According to Better Homes, Dubai Marina tops the list as the most popular residential area in leasing, during the first half of this year.
Meanwhile, Rushiraj Mehta of Legacy Real Estate said that in the villa category, Springs and Meadows, recorded increase in rental transactions during first quarter of the year, making these communities a popular choice.
As for the apartment category, Mehta says that Executive Towers in Business Bay tops all other communities and buildings. Executive Towers recorded minimum 10 percent growth over the previous year, while Emaar's Greens recorded 5 to 8 percent jump in rental transactions over the same period last year.
According to Asteco estimates, there were 6 percent rental rates in established communities during H1 2012. Apartments in Downtown Dubai and Dubai Marina were the most in demand, marking 10 percent growth with a double bedroom apartment fetching Dh.90,000 to Dh.120,000 per annum.
In the villa category, Asteco figures indicate that rental increase with increased demand was mostly noticed in Mirdiff area, while double digit growth was also recorded in Arabian ranches.