Whether the cost of renting and buying apartments in Dubai has become more or less expensive, one thing is certain: you’ll pay a premium if you choose to stay near a metro station.
According to a research conducted by advisory and consultancy firm ValuStrat, investors, tourists and tenants in Dubai are likely to spend more on housing if they opt for an accommodation that’s very close to or within five to ten minutes walking distance from the Dubai Metro.
Prices can go up by 10 to 20% for rental properties, and, in some cases, more than double for housing units on sale, Gulf News reported. The good, thing, though is that the thousands of expatriates living near the metro get to save more money on the various costs of using a car, such as Salik, parking and maintenance fees.
The findings were based on a review of apartments listed in the Jumeirah Lakes Towers (JLT) area, one of the most popular communities for expatriates today.
ValuStrat’s research showed that studio apartments near a metro station in JLT are also difficult to find and can command a price of around Dh750,000 to Dh900,000, a far cry from the studios in Jumeirah Village Circle or Dubai Silicon Oasis which are being offered for a little over AED400,000.
For rental properties, ValuStrat said, the situation is the same: there are hardly any apartments available near a metro station and the asking rents can be ten per cent to 20% more expensive. Asking rents for studios average AED75,000, compared to AED68,000 for similar units a bit farther away.