Dubai Metro's Blue Line: Off-plan unit launches in 9 areas set for a spike.
05 December 2023, 12:00 AM
31 January 2024, 12:00 AM
The nine key neighbourhoods that will be connected by the Dubai Metro’s Blue Line are becoming the key focus of the local and foreign property developers, with many new plan projects set to hit the market in the coming years.
As a result, the pipeline of off-plan units is set to see a spike in the coming years, especially in the apartment category.
Consisting of 14 stations, the newly launched Blue Line will connect the emirate’s International City 1, International City 2, Creek Harbour, Academic City, Al Warqa, Mirdif, Silicon Oasis, Ras Al Khor Industrial Area and Festival City with the Dubai International Airport. This will bring travel time between these destinations between 10 to 25 minutes, carrying 200,000 passengers a day to by 2030 and 320,000 by 2040 as the population of these areas will increase significantly.
Industry executives and analysts that expect metro connectivity will give a fillip to property prices and rentals by 25 per cent.
Keeping in mind the strong demand for residential units in these areas, developers will increasingly target these areas to launch their off-plan units, which have been the driving force behind the local property market.
Avin Gidwani, CEO at BNC Network, said the prospect of the Blue Line connecting various areas will attract developers' attention. “The enhanced accessibility and increased appeal of these connected regions will encourage more developers to consider launching projects in these areas, anticipating higher demand and potential growth due to improved connectivity,” he said, adding that these areas will definitely witness an increase in off-plan unit launches within certain key areas that it connects. “In particular, we would expect to see new developments in International City, Dubai Silicon Oasis and Dubai Creek Harbour.”