The on-going evolution of Dubai’s property market has been well documented over the last year as the emirate moves away from speculation driven growth to a more mature, segmented market place. Property prices are now being influenced by what is described as ‘real demand’ and the movement of residents and tenant to higher quality, more desirable accommodation.
This process has seen areas like Dubai Marina and the Palm Jumeriah experience upward pressure on values while mass-market real-estate across other less exclusive areas still struggles.
With tenants becoming more selective, the latest research has highlighted the effects the relatively new metro network has had on property prices across the emirate. Data compiled by industry experts in Dubai found that renters are prepared to pay 20% more for property near a station on the city’s metro network.
According to experts, the Metro network has added a whole new dynamic to Dubai’s real estate market forcing the rental disparity between desirable and less desirable areas even more significant.
Once again, property on Dubai Marina in particular has benefitted as the Marina boasts a metro station of its own. Moreover, prices are expected to increase further for properties within easy reach of Metro stations as the network opens up new lines, effectively increasing the catchment area for commuters.