Dubai Metro Blue-line Impact on the City’s Rental Rates
This question is creating additional arguments for real estate investors. As their investments could be potentially affected by the new metro line establishment, which is soon to operate in Dubai. Experts say the project will directly impact at least one million citizens residing in the project’s line region.
Various prominent real estate projects in Dubai including Silicon Oasis, Mirdif, Ras Al Khor, International City, and Al Warga will witness an unprecedented surge in the prices of their property due to Blue Line Metro Dubai.
Metro Line is not only a public project but a stimulator of the real estate industry in Dubai.
Change in the Citizens’ Residence Preferences
The project is predicted to have the potential for the significant transformation of the city.
How? The next big question!
In the coming years, citizens are soon to prefer a change of residence to the areas connecting to the metro line.
Property value is likely to rise with the initiation of Metro Line. The 25% of new real estate projects will start near Metro stations in the coming years. The news was released in a press of Governmental Media Office of Dubai. The Blue Metro Line distance will extend over 30 kilometers linking nine prime locations like Ras Al Khor Industrial Area, Al Warqa, Dubai Silicon Oasis, Dubai Festival City, and others. Soon, these properties will witness 33% growth in their prices extending the residential sector adjoining the Metro route.
The Managing Director at Coldwell Banker, Ayman Youssef predicted, “Dubal’s Creek Harbour prices will rise due to tenants’ central focus and integrated communities resided here or desired to shift here. The next expensive area is Dubai Silicon Oasis.”
The CEO of Springfield Properties, Farooq Syed, also affirmed these predictions. He foresees an increase in rental and property costs by 10-25%, specifically in the regions linked by Blue Line. The potential impact of Blue Line Metro is due to the advanced connectivity lines. It will play a pivotal role for the real estate investors and ultimately stimulating the demands of property.
Increase in Rental Prices
Moreover, the rental prices will increase because of increased connectivity led by Metro Lines for the large number of citizens. Hence, the populace will be attracted to invest in real estate projects near Metro Lines.
The access to city centers through Metro routes is heightening the property demands of both residential and commercial projects. Prices will escalate through this enhanced connectivity due to the shortage of land accessible in Dubai for property. In addition, tourists will have convenient mobility, which is likely to enlarge the tourism industry of Dubai.
In summary, Dubai’s real estate sector will see a profound impact due to Blue Line Metro Dubai, driving up rental prices. Along with this, new businesses and communities will be fostered resultantly, signifying the potentiality of this huge transformation.
