Local agents believe developments next to or facing the Dubai Water Canal will see huge demand once it completes in November.
- Properties in key areas close to the Dubai Water Canal will see value added once the project completes in November
- Leading agents in the city believe prices and rents will rise for those projects on the waterfront or within view of the Canal
- Both Knight Frank and CBRE believe that Dubai’s property market collectively will return to growth at the start of next year
There is currently an investment window of opportunity in Dubai’s Burj Khalifa District.
The world’s leading real estate firms, including Knight Frank and CBRE, have declared that Dubai’s property market will begin a new growth curve at the start of 2017 in recent months. But more specifically, there’s one area of the city that could be set to enjoy a boost in performance starting from next month.
Water will begin flowing down the completed 3.2km long Dubai Water Canal, and some of the city’s leading agents believe that developments in and around the project will see average values and rental rates rise.
Those properties on the waterfront or overlooking the Canal in the Burj Khalifa District (Downtown, Business Bay and DIFC) are likely to command strong premiums, as buyers and tenants demand to live close to the impressive project that will link the area with the Arabian Gulf.
“Projects directly on the canal banks or overseeing it will face a price hike. However, communities such as DIFC and Downtown have their own attractions. Business Bay prices will be impacted since the canal flows through it,” says Niraj Masand, Director and Co-Founder of Banke International.
Select Property Managing Director for the Middle East, Adam Price, recently declared it “a great time” to launch a new development in this area at the launch event for his company’s latest project Marquise Square.
With strong growth expected as Dubai prepares for Expo 2020, it is those investors that act now to secure assets in key locations that stand to achieve the highest levels of long-term growth.