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Apartments Near the Dubai Metro still a Great Deal According to Observers |
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Since the construction of Dubai’s new metro system, lots of new investors, real estate developers, and first time homebuyers have shown increased interest in the area. The new railway system has completely changed the living habits of many inhabitants and has prompted many to choose to live closer to major train stations for the many advantages these prime locations offer. But, as it is the often the case, these new pieces of prime real estate come with a steep price tag.
While Prices Remain High, Some Deals Can Still Be Found While many properties that are nearby the new metro system can cost up to 20% more in rent on average than other residences in the city, there are still some hidden gems here and there. Many communities that are close to the metro still offer properties for reasonable prices. For instance, it is still possible to rent a flat near the metro for as little as Dh60,000 per year. Surprisingly, many properties for sale along the green line, which is one of the principal lines in the system, still offer great deals. The green line passes near Deira and the Bud Dubai and is one of the most frequented lines in the network. The area offers great one bedroom flats as well. The best deals remain near Al Qiyada station and the Hor Al Anz area. Deira City Centre Remains a Prime Location The Deira City Centre has some of the most affordable options for one bedroom apartments, with flats costing as little as Dh65,000 on average per year. The area is popular because of its many shopping options and is increasingly sought after by expats looking for affordable housing. In comparison, areas such as Satwa, which is not located near a station, are a bit more costly, even though they aren’t as accessible. Similar flats in the area cost Dh 67,000 on average. However, the area is still serviced by many bus lines that link directly to metro stations. It is also close to the Jalifya, Financial Center and Emirates Towers, which still makes it a very attractive area for many. The Red Line a Prime Destination The red line, which transports commuters between Jebel Ali and Rashidiya, and travels through Bur Dubai, Dubai International airport, Deira and Shaikh Zayed Road, offers many affordable housing options. While prices are a little bit higher than Deira City Centre or Satwa, they are still much more affordable than many less accessible parts of the city. Apartments in the area can be found for as little as Dh70,000. Can We Expect Another Housing Bubble in the Area? According to the Ann Boothello, of Dubizzle, the number of searches for properties near the metro area have increased exponentially lately. We can expect more and more locals and expats to show more interest in the area, which could cause an inflationary bubble. However, with still so many hidden gems, the market should still remain fairly stable for a while. |
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