|10-14-2014, 02:46 PM||#1|
Dubai Tram to boost up neaby property prices
Dubia’s new tramway “Dubai Tram” is scheduled to open on 11th November this year, and expected to boost up nearby property prices.
The Dubai Tram is located in Al Sufouh and runs for 14.5 kilometres (9.0 miles) along Al Sufouh Road from Dubai Marina to the Burj Al Arab and the Mall of the Emirates.
It will also connect with the monorail of the Palm Jumeirah at the entrance of the Palm from Sufouh Road.
The Dubai Tram—the first tramway project outside Europe powered by ground-based electric supply system, will ease transportation particularly for residents in Jumeirah Beach Residence and Dubai Marina areas where residents depended mainly on taxis.
This new transportation novelty made these regions and residents more attracting, and so far dragged these property prices higher by 150 percent.
"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,” said Robin Teh, Country Manager & Director of Valuations & Advisory – Chestertons MENA.
Transportation is one of many factors influencing property prices in Dubai, while real estate experts see prices rising on the long term amid stronger economic growth in the UAE.
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