People in Dubai looking to rent a property may have to pay 20% extra, if the property is located close to one of the City’s many Metro stations, a UAE property firm has revealed.
For many tenants in Dubai, it is becoming favourable to live close to a station, and the increasing demand is raising prices, as confirmed by the biggest property developer in UAE – Asteco. The difference in market prices for property located respectively close and far from a station, is a result of the market change by the Dubai Metro, and soon to be all across the Emirate. Elaine jones, CEO of Asteco, is confirming the disparity.
Amongst the research, it is seen that a 2 bedroom flat close to a station, will lease between Dhs60,000 and Dhs65,000 per year. This contrasts with similar apartments further from stations, going for between Dhs50,000 and Dhs55,000, and this trend is beginning to mirror near to stations for Deira and DIFC.
A new station opening on the 9th of September will add another 18 stations for the network, and will connect the busiest Creekside areas, including dense residential and public areas, and so the trend is set to increase.
It is now apparent that property prices are no longer solely governed by geographical location, proved by the now similar prices of apartments close to stations with apartments in more upmarket areas, like Business Bay or Jumeirah Lake Towers.
The new green line station openings could greatly increase property value next month.