Dubai will join the league of other cosmopolitan cities which include New York, Toronto, London and Hong Kong that has immensely benefitted from trams Dubai, October 12th, 2014: Chestertons, the international property agency established in 1805, stated that the new Dubai Tram that is slated to be launched in November this year could add significant value to the properties around this new mode of transport. After the success of Dubai Metro, now the Dubai Tram project could further change the dynamics of the real estate sector. “Infrastructure enhancement and the growth in the public transport network will definitely have an impact on the real estate sector. The proximity to high-capacity transit halts has proven to increase property rates, a phenomenon known as the ‘transit premium’. This has been true in the case of Jumeirah Lake Towers, which is in the limelight and a much sought after destination after getting connected with the Dubai Metro network. The areas which have relatively poor transport links currently with lower property value could see a hike in property growth as the tramways pass through them - making these buildings accessible to the tram stations. The tramway is definitely going to add significant value as it is potentially poised to change the dynamics of the property prices by making it more attractive. The price hike would be primarily more pronounced in areas with easy access to the tramway,” said Simon Gray, Managing Director, Chestertons MENA. The tramway will provide a huge relief and will be an alternate mode of transport for visitors to the Jumeirah Beach Residence and Marina area who usually rely on taxis for commuting purposes; usually making traffic snarls a common daily routine in the area. “Transit premiums ranged from a few percent to over a 150 percent increase in property values. The increases in property values near transit were most dramatic for office and retail spaces. The price swings for property located near and around the tramway will be triggered by the new infrastructure as per general consensus, but the facts would emerge once the phase one of the network opens in November. Businesses will also stand to benefit as the tramway will increase the volume of people travelling into JBR apart from tapping the vast tourism potential of the area,” added Robin Teh, Country Manager, Chestertons Mena. “Apart from providing better connectivity to the Dubai Metro network, the Al Sufouh tram is set to woo commuters by providing an improved flow of traffic in the city. Effective transport links between transport modes helps to mould sustainable development through demand management. Better connectivity between transport modes are strategic priorities which can bolster and create an impact on the competitiveness of the city,” added Robin. This will be a huge success and will bring added value to the city’s existing state-of-the-art public transport system. With the tramway, Dubai will join the league of other cosmopolitan cities which include New York, Toronto, London and Hong Kong. Trams are efficient as they are fuel-effective and provide more capacity than buses, thus enjoying much popularity than other modes of transport. Chestertons MENA recently received the 'Highly commended property consultancy in Dubai' award during the recently held 2013th edition of Arabian Property Awards. The Arabian Property Awards is part of the 'International Property Awards', the world's most prestigious competition dedicated to finding the best real estate professionals across the globe. Chestertons with its Middle Eastern headquarters in Dubai offers a full range of property services, including residential and commercial sales and leasing. In addition, the company provides professional property valuation services together with the valuation of plant and machinery. Chestertons MENA also has a very active international sales division, based in Dubai, specializing in the sale of prime, Central London residential apartments and houses to investors from across the entire MENA region.
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