DUBAI: Dubai Marina property prices have been rise 28 percent in the first quarter of 2015 that recorded highest in last five years, now prices standing at Dhs1,670 per square foot of property.
The firm said the arrival of The Beach Mall, new entertainment venues and the Dubai Tram have made the district a major draw for residents.
Lucy Bush, head of residential sales and leasing, said: “JBR and Dubai Marina have become increasingly popular locations over the past five years, with many residential properties at 100 per cent occupancy.”
She said owner-occupiers have flocked to the area for beachside living, while investors renting to tenants are seeing yields of 6 per cent to 8 per cent.Some 7DAYS readers said the Marina has become too expensive.
Kevin Southam said: “We lived in the Waves building in a two-bed plus a maid’s [room]. In 2011 we paid Dhs100,000. Today the same apartment is Dhs150, 000-plus.” He said heavy traffic congestion had led him and his wife to relocate.
