Dubai Tram seen to boost real estate sector

Dubai Tram seen to boost real estate sectorImage Credit: Supplied

Dubai entered yet another milestone with the launch of its tram system, constituting a paradigm shift in the quality of mass transit in the emirate. The Dubai Tram provides integrated and comprehensive transport solutions for the city's most popular areas, easing the daily travel pressures of those who live and work in and around Dubai Marina, Jumeirah Lakes Towers, Dubai Media City (DMC), Dubai Internet City and Dubai Knowledge Village (DKV).

The Dubai Tram is the new global model for transit-oriented development (TOD), a policy embraced by global cities with strategic plans to reduce automobile dependency and increase the use of public transit system. TOD is a fast-growing trend in developing compact and walkable communities centered around high-quality train systems.

The tram will serve many popular routes, starting from Jumeirah Beach Residence and moving through JLT, Dubai Marina Mall, Dubai Marina, Marina Towers, Mina Seyahi, DMC, Palm Jumeirah, DKV and Al Sufouh. It will cater to residents and tourists alike.

The opening of the Dubai Tram received mixed responses from the real estate sector, which awaits the tram effect to happen. Some property experts predict the network will boost the sector in terms of higher residential values. But there are opinions that it is unlikely to significantly boost property prices in the neighboring region. It is expected to boost property prices only in the proximate areas.

The alternative commuting option is a major factor that will increase buyer demand in the signature lifestyle residential areas, which are close to the major business hubs and free zones. Some of these areas have already witnessed a sharp upturn in investor appetite since the beginning of this year.

The tramway can also give a further boost to the city's efforts of developing sustainable residential communities, further enhancing the residents' quality of life. For the residents, it will significantly help them eliminate the existing traffic congestion, giving them greater mobility and ease of moving around.

Properties along the tram routes are already among the most popular addresses in the city. They are expected to witness more demand from investors.

Handy Hints:

• The Dubai Tram is the new global model for transit-oriented development

• It will serve residents and workers from JBR to Mina Seyahi to Palm Jumeirah

• It is expected to boost the property values of the properties along its routes

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Source: Yash Shah, Special to Properties

The writer is Property Sales & Leasing Manager, SPF Realty


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