XPRESS guide to average property rentals within 3 km radius of each Metro station
Published: 11:46 August 24, 2015 | By Anjana Kumar, Staff Reporter
Do you think you’re paying above market rate for you rent in Dubai? XPRESS has used the Dubai Metro network to geographically map the annual rentals prices for residential properties within a three kilometer radius of each Metro station.
The map shows that the rents of properties located close to the Metro Station are between 10 and 15 per cent higher than similar properties elsewhere.
The most expensive apartments are near the Financial Centre Metro station (Red Line) on Shaikh Zayed Road. Here the annual rent of a one bedroom apartment could set you back by around Dh130,000 per year. The cheapest apartment can be found near Palm Deira, Abu Hail and Al Qiyadah (Red Line) where a one bedroom apartment fetches Dh55,000.
“Proximity to metro stations has a positive effect on the take up and marketability of an affordable mid-end property. This is obvious in places like IMPZ, Dubai Sports City, Motor City, Jumeirah Village where rents are lower than those connected to a public transport,” said John Stevens, managing director, Asteco.
Vinita Kataria, Terra Casa Real Estate said she routinely gets calls for rentals near the Metro. “Most expats in Dubai work hard and save money to make two ends meet. They prefer to use the local transport. This is fuelling the demand and rental values near metro stations.”
Niraj Masand, Director, Banke International said following the increase in petrol prices more businesses will look for offices close to Metro stations,” he said.