Whether the cost of renting and buying apartments in Dubai has become more or less expensive, one thing is certain: you’ll pay a premium if you choose to stay near a metro station.
The price of properties in Dubai differs depending on the type, size, facilities, and amenities and numerous other factors, similarly if you choose to live in close proximity to Dubai Metro station then you will have a pay a premium price for your property.
As per the research that was carried out by advisory and consultancy firm ValuStrat, the prices tend to be double the amount on the properties that are for sale, tourist, investors and tenants tend to spend more on accommodation if they choose to live close to metro station or five minutes of walking distance from the Dubai metro.
The sale prices of apartments in Jumeirah Lake Towers cost around Dh750, 000 to Dh900, 000. The rents for studios average Dh75,000 compared to Dh68,000 for similar units a bit farther away.
The percentage can go up to 10 to 20 percent for rental properties. There are added benefits such as the residents staying nearby get to save the cost of traveling by a car, related maintenance fee also Salik charge.
The findings were in regard to the comparison of prices of properties close to the metro station such as Jumeirah Lakes Towers (JLT) and localities which are far from metro stations. The properties near metro stations seem to be in high demand resulting in no vacant apartments available. The supply for properties next to metro station are low, this often results in giving buyer a difficult time during their property search. This is the same for Hotels next to metro station which has less vacancy and rooms are at premium cost.
The company ValuStrat said their findings only show that while the Dubai Metro is only about five years old, it is already causing property values to go up. “This impact is likely to continue as it has with more mature cities, such as London, Manchester and Glasgow.”
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