Dubai metro fires up property prices
Demand for real estate near Dubai Metro stations is heating up in response to the rapid physical emergence of the RTA’s Dh15.5 billion project, say property consultants and agencies.
Companies and residents on the hunt for real estate are increasingly prioritising locations near metro stations and are willing to pay a premium to avoid congested roads and tolls.
The first phase of the metro, which will follow a route along Shaikh Zayed Road, is scheduled to open in September 2009. The second phase will be built mostly underground and should open in March 2010.
The trend means Dubai’s future property hot spots will be dictated by proximity to the metro, proximity to a metro stop has become a leading strategy for investors looking to maximise appreciation on their investments.
The seeds for the Metro project were sown 10 years ago when a feasibility study concluded that Dubai could no longer rely on road networks to cater to escalating traffic.
But investor interest in land near the metro has only recently picked up in response to the physical emergence of train lines and station locations, Ppeople are realising that the metro is not just a pipedream.
Construction work is happening quicker than had anticipated and business owners are starting to think about how their staff can commute easily to the office.
Retail real estate in and around stations will also be attractive to investors because of the guaranteed high shopper footfall that a metro station can provide.
source; The Gulf News