Better Homes News
Dubai Metro Opens to the Public
As most are well aware by now, the Dubai Metro has finally launched! Inaugurated by HH Sheikh Mohammed Bin Rashid Al Maktoum on the official launch date of 09/09/09, Dubai’s ruler actually scanned his ticket at 9:09PM. Starting from the following day, Dubai Metro has been open to the public, with 10 of the 29 Red Line stations operational.
Not only a massive logistical accomplishment, Dubai Metro has become an icon of the city, emblematic of Dubai’s continuing ambition. This opening has also been of keen interest to property firms and owners in the Emirate. Analysts have generally expected the Metro to be beneficial for Dubai property in general, and for certain communities and properties in particular. Apartments near the Metro stations have suddenly become more attractive, now that the Metro is operational. This has already manifested in slight increases (around 5%) for both sales and rent prices near these stations.
Of course, some have been confused by the openings of only select stations. Many thought that all Red Line stations would be operational on September 9, which was not the case. The remaining stations are expected to open periodically over the next 3-6 months, but some reports claim stations may take a further 9 months before they are open.
Not only is residential property becoming more attractive upon the launch of Dubai Metro, but commercial real estate as well. Porush Jhunjhunwala, a Commercial Leasing Manager with Better Homes, explains, “we have seen an increased demand for [commercial] properties along the metro line but there is no appreciation as of now. We have to wait and watch until the first quarter of 2010 to get the real picture.”
One of the biggest questions remains how successful the Metro will be at attracting passengers. With a very high capacity, some have questioned whether many people will actually ride it. As we got closer to the opening day, numerous polls were carried out, revealing substantial interest in frequent commuting. Abu Dhabi’s The National reports 110,000 individuals rode the Metro in the first two days of opening. However, it remains to be seen how many will make it part of their daily routine.
Click Here to view GulfNews’ Interactive Dubai Metro Guide
New Century City Tower Opens Near Metro
With the launch of the Metro, interest has expectedly picked up for real estate located near the stations. For commercial space, having a location near a Metro station can be a great benefit for employers. New Century City Tower has recently opened, with a station literally steps from the front door.
Located opposite City Centre in Deira, New Century City Tower is an attractive new G+10 office building with great connectivity and enviable pricing. With a Metro station immediately in front of the building, employees will have an efficient and pleasant commute, and with four levels of underground parking, anyone who chooses to drive will be comfortable as well. From this location next to Le Meridien’s Al Sandood Suites in Deira, there is easy access to Dubai International Airport and Sheikh Zayed Road.
Offices enjoy large windows and four high-speed panoramic passenger lifts, and security and maintenance are provided 24 hours per day. Both retail and commercial offices are available. Offices start at AED 130/psf payable in 2 cheques per year with a contract period from 1-3 years. A 30-day rent-free fit-out period is also provided.
For more information or to schedule a viewing, please call +971 600 52 2212
