source Arabian Business
It’s not due to open until September, but Dubai Metro is already starting to affect the city’s property prices with homes near stations selling for more money.
Flats in Jumeirah Lakes Towers (JLT), close to stations on Sheikh Zayed Road, are selling for 6.5 percent more than units further away, reported The National.
“For residential [sales] we’re seeing a higher demand because of accessibility to the metro, but this is only for properties situated almost directly outside a station,” said Michael Michael, the sales director of Landmark Properties.
Several other agencies told the daily paper that more people were enquiring about flats within walking distance of metro stations.
This is a positive sign for Dubai’s real estate market, which has had a difficult year with the prices of flats and villas plummeting by 34 percent, according to the Landmark Advisory.
The true extent of the metro’s effect over house prices will only be felt after the Red Line is up and running from September 9, some property experts said.
Andrew Delport, the head of property management at the Dubai-based property portal Gowealthy.com, said units near the metro would recover first.
He added that for the rental market, the metro would have the biggest effect on prices in Dubai Marina.
“With the metro on the Marina side of the freeway – you’ll definitely see the impact.
“If you look at the movement there, the tenancies, it’s much more vibrant than other places, and it’s good value for your money.
“It’s plateaued out and you’ll see rents there reacting to the metro, possibly more than anywhere else.”
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