PHOTO
- 1-bedroom apartments were more in demand amongst tenants compared to 2-bedroom apartments in these areas
Dubai: As the new metro line, Route 2020, rapidly takes shape, dubizzle Property, the UAE’s most trusted property platform, reveals price insights on the three most popular areas along the line.
With stations in five key areas, the 15-kilometer long metro extension is designed to cover populated areas in the city and make the commute for residents and visitors easier. The Route 2020 is set to be completed before the EXPO 2020 kicks off in October this year. In light of the changing infrastructure, dubizzle Property reviewed the demand and supply of apartments for rent across these five key areas and discovered that Discovery Gardens, Dubai Investment Park and Jumeirah Golf Estates were the most popular residential communities in 2019. The momentum continued into the first two months of 2020 and user data has revealed that 1-bedroom apartments in these communities were preferred over 2-bedroom apartments.
Given the closest access to the current metro line, Discovery Gardens was the most sought-after community among tenants. Renting a 1-bedroom apartment in the community has become more affordable throughout the year with rents softening by 8% in 2019. The prices have softened further this month (February 2020), with the prices now averaging at AED 46,000. The average annual rent for 2-bedroom apartments in the community softened by 5% in 2019, with the prices now at an average of AED 76,000.
The residential community in Dubai Investment Park has become increasingly affordable, with prices for 1-and 2-bedroom apartments softening by 18% and 14% respectively through 2019. While access via public transport is limited at the moment, the community is self-contained, with a blend of commercial, residential, industrial and recreational areas. Rents for 1-bedroom apartments are currently at an average of AED 43,000 and 2-bedroom apartments stand at AED 60,000.
Jumeirah Golf Estates, a luxury residential golf community located close to the EXPO 2020 site and Al Maktoum International airport, was the third most popular area along the new metro line. Rents for 1- and 2-bedroom apartments in the community softened by 5% and 11% respectively through 2019. Rents for 1-bedroom currently average at AED 52,000, while 2-bedroom apartments in the premium location landed at an affordable AED 80,000.
“The price trends for the three areas that we’ve explored are not surprising as they are in line with the overall market trends. However, as the new Route 2020 metro line nears completion, we can assume that these areas will become more popular among UAE residents given the ease of accessibility. Those who have moved into these communities over the last year have had a first mover’s advantage, as once the metro line is fully functional, naturally the rents in these communities will rise in line with demand,” commented Matthew Gregory, Director, dubizzle Property.
-Ends-
About dubizzle:
dubizzle is the leading classifieds platform for users in the United Arab Emirates. Since its launch in 2005, dubizzle has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non-product assets such as space, skills, and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.
dubizzle is an OLX Group company:
The OLX Group is a global product and tech company that operates a network of market-leading trading platforms in over 40 countries.
With more than 330 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars, and houses. Through consumer brands including Avito, dubizzle, letgo, OLX, and many dozen others, more than 15 million things are exchanged on its apps and platforms every single month.
The OLX Group is powered by a team of 5,000 people, operating from +30 offices across five continents. The team is united behind a single mission to make it easy for people to buy and sell almost anything, promoting prosperity in local communities. OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar, and Saudi Arabia.
© Press Release 2020Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
