By Mary Sophia gulfbusiness.com Dubai Tram Facebook
Real estate experts expect the prices of properties surrounding the Dubai Tram, such as those in Dubai Marina and Jumeirah Beach Residence (JBR), to growth over time but not in the short term.
The Dubai Tram, which will be formally launched this evening but begin passenger services tomorrow, covers major residential and commercial areas between Dubai Marina and Sufouh.
Real estate firms expect the new transport network to drive prices in surrounding areas, but it could take a year to tell the impact of the tramline on property, as with the metro, said Nick Maclean, managing director of CBRE, Middle East.
“Even if it does not have a direct impact on the pricing, it will have an impact of the attractiveness of the housing units close to the tram stations. In the event of tram launching, we had a look at how the opening of train stations and other infrastructure projects affect the property market elsewhere in the world. At the moment we see an increase of 20 per cent in pricing.” More info
