- Dubai Metro Blue Line grabs attention for nine key neighborhoods.
- Surge expected, especially in apartments along the Blue Line.
- 14 stations link key areas, reducing travel times to 10-25 minutes.
The nine focal neighborhoods linked by Dubai Metro’s Blue Line are attracting heightened attention from both local and international property developers.
Numerous upcoming projects are slated to enter the market in the coming years, particularly in the apartment segment.
Featuring 14 stations, the recently inaugurated Blue Line will interconnect International City 1, International City 2, Creek Harbour, Academic City, Al Warqa, Mirdif, Silicon Oasis, Ras Al Khor Industrial Area, and Festival City with Dubai International Airport.
This integration is set to significantly reduce travel times between these locations to 10 to 25 minutes, projecting an increase in daily passengers from 200,000 in 2030 to 320,000 by 2040, aligned with the anticipated population growth in these areas.
Earlier reports from Khaleej Times highlighted industry experts and analysts foreseeing a substantial 25% boost in property prices and rentals due to metro connectivity.
Capitalizing on the robust demand for residential units in these zones, developers are poised to concentrate on launching off-plan units, a driving force behind the local property market.
Here are a few on-going projects in key areas linked by Blue Line:
– Warsan Village (estimated value $600m) by Nakheel
– Dragon City Towers (estimated value $196m) by Nakheel
Dubai Silicon Oasis
Tria (estimated value $140m) by Deyaar Property Management
Dubai Creek Harbour (all by Emaar):
– Cove II (estimated value $160m)
– Creek Palace (estimated value $100 million)
– Dubai Creek Tower ($1 billion)
– Creek Waters (estimated value $350 million)
Emaar is overseeing the comprehensive development of Dubai Creek Harbour, with approximately 66% of the total project value already realized through completed projects. The remaining projects are currently in their initial stages of development.
Dubai Festival City
The Al Futtaim Group is currently constructing the Al Badia Heights Villa Complex, estimated to be valued at $150 million. According to Wael Makarem, the senior market strategist for Mena at Exness, investing in real estate units or ongoing construction projects within the regions served by the Blue Line may become more appealing.
This is due to the anticipated rise in demand for both residential and commercial units, facilitated by enhanced accessibility in those areas.
“The metro line could hasten the development of the areas in proximity to its stations and could help draw real estate investors looking to tap into faster growth areas,” he said.
Route and connectivity
First Route Highlights:
Commencing at Creek Interchange Station on the Green Line, the first route spans 21 km, covering key areas such as Dubai Festival City, Dubai Creek Harbour, Ras Al Khor, Dubai International City 1 and 2, Dubai Silicon Oasis, and Academic City. This route includes 10 stations.
Second Route Details:
The second route initiates from Centrepoint Interchange Station on the Red Line in Al Rashidiya, passing through Mirdif, Al Warqaa, and concluding at Dubai International City 1 Interchange Station. Additionally, a metro depot at Al Ruwayyah 3 is part of the project.
Off-Plan Launches Surge
Property Monitor reports record-breaking off-plan development project launches, introducing over 11,500 units to the market with an estimated combined sales value of Dh25 billion. Apartments dominate with 81.2%, followed by townhouses (17.2%) and villas (1.6%).
Impressive Year-to-Date Figures:
Year-to-date, new project launches have surpassed 77,000 units and Dh230 billion in sales value, exceeding 2022 year-end figures by over 20,000 units and Dh70 billion in value.
With 100+ projects in planning, Property Monitor predicts sustained high launch levels through the remainder of the year and into 2024.
Blue Line Boost: Developers Take Notice
Enhanced Accessibility Appeal:
Avin Gidwani, CEO at BNC Network, anticipates increased off-plan unit launches in areas connected by the Blue Line. Enhanced accessibility is expected to attract developers, fostering higher demand and growth potential in regions like International City, Dubai Silicon Oasis, and Dubai Creek Harbour.
Positive Impact on Off-Plan Development:
Farooq Syed, CEO of Springfield Properties, foresees a positive impact on off-plan developers due to the three-year development timeline. Improved connectivity in areas like Jumeirah Village Circle, Al Jadaf, Marjan, and Sports City is expected to enhance the mid-market segment’s performance.
Demographic Shifts and Growth Prospects
Connectivity-Driven Demographic Shifts:
Avin Gidwani predicts demographic shifts resulting from improved connectivity, particularly in economical housing areas like International City, Silicon Oasis, and Dubai Academic City.
Sector-Wide Development Boost:
The Blue Line extension is expected to stimulate development across various sectors, fostering accessibility and growth in connected areas.
“Currently, access to on-campus student accommodation in Academic City is relatively difficult and expensive. The metro’s connection will likely enhance the campus experience for students, fostering a community that is more integrated with the city. It will also make this key educational environment more accessible to part-time students.
“These connected areas will become increasingly attractive to residents and investors alike, and can be expected to lead to significant development and infrastructure enhancements,” said Gidwani, who heads the largest project intelligence database company in the Middle East and Africa.
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