The key neighborhoods linked by Dubai Metro’s Blue Line are becoming focal points for local and foreign developers. The 14-station Blue Line connects International City 1, International City 2, Creek Harbour, Academic City, Al Warqa, Mirdif, Silicon Oasis, Ras Al Khor Industrial Area, and Festival City to Dubai International Airport. Predicted population growth is set to increase daily passengers to 200,000 by 2030 and 320,000 by 2040. Khaleej Times reports a projected 25% boost in property prices due to metro connectivity, making off-plan units, especially in apartments, highly sought after.
Developers are targeting these areas, known for strong demand for residential units, resulting in several ongoing projects, including Nakheel’s Warsan Village and Dragon City Towers, Deyaar Property Management’s Tria, and Emaar’s Cove II, Creek Palace, Dubai Creek Tower, and Creek Waters in Dubai Creek Harbour. The entire Dubai Creek Harbour is developed by Emaar, with nearly 66% of the projects completed.
Wael Makarem, a senior market strategist at Exness, anticipates increased demand for real estate in Blue Line-served areas, making existing units or construction projects attractive. The Blue Line’s enhanced accessibility is expected to draw real estate investors seeking faster growth areas.
Route and Connectivity
The Blue Line spans 21 km, featuring 10 stations connecting major areas such as Dubai Festival City, Dubai Creek Harbour, Ras Al Khor, Dubai International City 1 and 2, Dubai Silicon Oasis, and Academic City. The second route starts from Centrepoint Interchange Station on the Red Line, passing through Mirdif and Al Warqaa, concluding at the Dubai International City 1 Interchange Station.
Off-plan Launches
Property Monitor notes record highs in off-plan launches, with over 11,500 units added recently, representing Dh25 billion in sales value. Apartments constitute 81.2% of new launches. Over 77,000 units have been launched year-to-date, surpassing 2022 year-end numbers by 20,000 units and Dh70 billion in value. With 100 projects in planning, new launches are expected to remain high into 2024.
Demographic Shift
Avin Gidwani, CEO at BNC Network, expects the Blue Line to lead to demographic shifts, enhancing connectivity to economical housing areas like International City, Silicon Oasis, and Dubai Academic City. The metro extension is likely to spur development, boost accessibility, and facilitate growth in connected areas, making them attractive to residents and investors.
Farooq Syed, CEO of Springfield Properties, believes the metro’s extension will positively impact off-plan developers, enhancing connectivity in areas like Jumeirah Village Circle, Al Jadaf, Marjan, and Sports City. Improved connectivity is expected to drive up rents and property prices.
Publish Date: December 04, 2023
Source: https://www.zawya.com/en/business/transport-and-logistics/dubai-metros-blue-line-off-plan-unit-launches-in-9-areas-set-for-a-spike-lkbxidz1
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