Dubai Marina braces for price hike as tram set to roll out

Popular Dubai Marina area, which witnessed up to 27 per cent increase in home prices during 2013, is expected to see another record year in terms of price hike, as the waterfront will get the emirate’s first tram network later this year.

By Abdul Basit (abdulbasit@khaleejtimes.com)

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Published: Tue 28 Jan 2014, 1:43 PM

Last updated: Tue 7 Apr 2015, 10:19 PM

The first appearance of the Dubai Tram at the Al Souf Road depot on Sunday. — KT photo by Rahul Gajjar

Testing of the Dubai Tram network has already started and phase one of the emirate’s new tramway is scheduled to open in November this year.

“The current strength of buyer demand in Dubai Marina has no doubt been further bolstered by the enhancement of critical infrastructure in and around this popular residential location,” Steve Morgan, head of Cluttons Middle East, said in a statement.

It is expected to boost buyer appeal even further by offering alternative commuting options to nearby business hubs such as Dubai Internet City, Media City and Knowledge Village, Morgan said.

Dubai Marina continued to record increased levels of deal activity during the third quarter of 2013, with capital value growth rates between 8.5 per cent and just over 10 per cent, ahead of the average for Dubai, according to Cluttons Winter Property Update.

Property portal propertyfinder.ae said that pulling out 2013 advertised sale prices for key communities in Dubai, it observed an increase of 23 per cent for studios in the Marina and rises of 26 per cent, 27 per cent and 15 per cent for one, two and three bedroom apartments, respectively.

Commenting on growing house values in the waterfront community, propertyfinder.ae founder and chief executive officer Michael Lahyani said: “The Marina’s always been a hotspot due to its great location, picturesque setting, lifestyle and wide range of accommodation options — from studios and apartments facing the waterfront — to higher-priced duplexes and penthouses at Infinity Tower.”

According to Cluttons Winter Property Update Dubai Marina continued to record increased levels of deal activity during the third quarter of 2013, with capital value growth rates between 8.5 per cent and just over 10 per cent, ahead of the average for Dubai.

Cluttons’ Morgan further said: “With Meraas’ Jumeirah Beach Village and Blue Water’s development, featuring the Dubai Eye, we anticipate interest to secure a home in Dubai Marina to gather further momentum. The Jumeirah Beach Residence community remains the top target for most buyers in Dubai Marina due to its beach front location and extensive Jumeirah Beach Walk retail colonnade.”

The Dubai Tram and other infrastructure projects that are underway are being fast-tracked to complement Dubai’s 2020 Tourism Vision of hosting 20 million tourists. Due to the successful Expo 2020 bid, improvement in infrastructure across Dubai is inevitable, with major investment accelerated towards transport infrastructure, retail, leisure and hospitality ahead of the event.


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