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Dubai: It is not just the buying or renting of property that gives an indicator of what is happening within the real estate space ... even where people are moving could offer a glimpse of shifts.
According to MoveSouq.com, a comparison site for moving and storage companies, 15 areas in Dubai accounted for as much as 67 per cent of all shifting in the last six months. Dubai Marina took the top spot as the most favoured destination of where residents were headed based on the data, followed by Jumeirah Lakes Towers, Downtown and Jumeirah Village. The top four locations accounted for more than 25 per cent of all moves in the past six months. (The analysis covered 2,000 moving requests made by UAE residents between October last year to March on MoveSouq.com.)
“It would be interesting to see how these trends change over time given the UAE’s current economic growth and continuous expansion of the real estate sector,” said Bana Shomali, CEO of MoveSouq.com.
Between 65-70 per cent of requests tracked by the portal were for moving within the same emirate, while 15-20 per cent shifted across different emirates. There were also around 15 per cent requests to take on contracts for moves abroad. When it came to packing up the bags to head overseas, February and March were the most active months, which “may coincide with people wrapping up contracts in January [and] then leaving the UAE”.
The report also found that Dubai Marina, JLT, Discovery Gardens, Gardens and Business Bay recorded more people moving out than those actually moving in. “This could be due to saturation of these areas and rising rent prices,” the report said. At the same time, it was the other way round in Jumeirah Village and Dubailand, which are gaining in popularity as locations. The more exclusive areas of Downtown and Emirates Hills had an equal split in the “move in” and “move out” rates, signifying that once people move into these areas, they tend to stay.
In Abu Dhabi, 15 areas accounted for 66 per cent of all moving activity, with Khalifa City, Reem Island, and Khalidiyah making up more than 25 per cent of all moving in.
Source: Staff Report, gulfnews.com