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Monday, April 2, 2012

Property prices near Dubai Metro

Property prices in the near Dubai Metro stations have been increased by up to 34 percent since 2009, published according to the emirate's Roads and Transport Authority (RTA).

Properties in the vicinity of subway stations has cost an increase in demand in recent years as more people to seek more efficient transportation options, claiming the RTA.

Had carried out a joint study of the RTA Strategic Planning Department and the Dubai Real Estate Regulatory Agency (RERA), said ownership of more than one-third increase in some areas.

Started in 2009, was the first driverless Dubai Metro network of its kind in the Middle East.

It was originally developed for the six lines have about the city, but the plans were back in the wake of Dubai's debt crisis scale, triggered in late 2008.

The Red Line, which carries about 190,000 passengers per day, was the first track to be put into operation, running from Rashidiya Station to Jebel Ali Station.

A second line, the Green Line, was opened in September last year to serve the older parts of town like Bur Dubai and Deira.

A report by real estate agents Asteco predicted in August last year that Dubai real estate could make a jump after the start of the Green Line to see how more commuters began favoring accommodation with strong transport links.

Rents for apartments in the vicinity of operating stations in Bur Dubai and Al Barsha had already seen increases of around 10 percent, the real estate consultancy said at the time.

He added that many areas saw a growth in 'underground community'.

Other analysts were skeptical about the RTA's claim rising prices 34 percent, says increases in 10 to 15 percent is probably realistic for most areas.

Price increases will be dictated by the location, they said.

"It depends on the situation. There is a linear system, so that would not do all of the line through the high density areas such as perhaps in other cities go," says Matthew Green, head of research and consulting for real estate company CBRE.

"I think many of the higher density areas are on the Deira and Bur Dubai side, which is probably where it has had more influence."

Ian Albert, Regional Director of Colliers added: "I ​​would say that there has been an increase, it follows a global pattern of increases for properties that are close to public transportation.
"I guess that would be 34 percent in a particular place."'

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  1. It is really wonderful post.I am impressed from this post.

    Thanks for more info.....

    ZVN Properties

  2. The demand of rental property in Dubai is grooming day by day. The country provide extremely good opportunities for all type of business, but unfortunately the rent of commercial and residential zone are very high,prices near Dubai Metro is very high,which are not good for new investors in Dubai.
    Sorry to say, but as expected the rent will be high rather then previous year.:(


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