Dubai marina prices fall as market cools

Property prices in Dubai Marina fell in the second quarter of 2015, despite its continuing popularity among buyers.

New figures from classified website Dubizzle (published by Arabian Business) found that almost five million searches were made for one-bed apartments in Dubai Marina in the three months to June 2015, making it the most popular part of the emirate. The market, though, is continuing to cool this year, with prices declining in the Marina by as much as 18 per cent quarter-on-quarter.

The Palm Jumeirah, on the other hand, saw prices increase from AED1.45 million to AED1.54 million for studios and from AED3.2 million to AED3.35 million for two=bed units.

"The Dubai property market is softening as per the price changes experienced in Q2 this year," says Ann Boothello, product marketing manager for property at the site.

Indeed, sales prices for properties fell across the emirate, with the exception of the units on the Palm Jumeirah. Abu Dhabi, meanwhile, saw prices rise for both sale and rental properties.