Dubai Marina, JLT apartment rates up 10pc
Dubai, March 20, 2013
Apartment prices in Dubai Marina and Jumeirah Lake Towers, two of the established lifestyle communities in Dubai, have recorded an average increase in price of 8 to 10 per cent in the last six months, according to a new report.
The price gains in Dubai’s property sector is now broadening to more residential developments, highlighting a broader recovery in property market sentiment across the city, said the report from the Valuation & Research team of Hamptons Mena.
A full-spectrum property service company, Hamptons MENA’s Valuations & Research undertakes regular evaluation of the property price trends in Dubai to offer expert advice to its clientele.
Declan King, valuation and research manager of Hamptons Mena, said: “The positive gains reported by property in Dubai Marina and Jumeirah Lake Towers is testament to investor confidence in Dubai’s real estate sector strengthening across the board.
“Initially, the growth in demand and price was largely confined to selected neighbourhoods. The growing interest in real estate across diverse developments highlights that investors see stronger value proposition in the city’s property, led by Dubai’s vibrant economic fundamentals,” King said.
Citing reports by the Dubai Land Department, Hamptons Mena reported that premium and secondary towers in Dubai Marina have reported an average 8 to 10 percent growth in price in the past six months. While premium towers – which have traditionally been hugely sought-after – in Jumeirah Lake Towers recorded similar growth trends, price gains by secondary apartments in the development were 3 to 5 percent. This is supported by increased viewing activity and interest for units across primary and secondary towers in both developments, the report said.
Offering Riviera-style living in a modern aesthetic setting, Dubai Marina by Emaar Properties is one of the first and largest of its kind waterfront developments in the region. With a total development area of 50 million sq ft, Dubai Marina encompasses a large canal spanning 3.5 km of waterfront area offering access to the sea from both ends. Frilling the canal are waterfront living apartments.
The project features several high-rises with luxury apartments as well as villas set against the backdrop of the Marina. With yachts moored along the Marina and some of the city’s best dining, entertainment and leisure facilities, Dubai Marina is the first choice for the stylish and sophisticated.
Jumeirah Lakes Towers (JLT) Free Zone by Dubai Multi Commodities Center, is a 200-hectare, mixed-use waterfront master development facilitating both business and community living by offering commercial, residential and retail property for sale and lease. JLT offers both a living and working environment with freehold and leasing options, and is home to over 35,000 residents and more than 5,900 companies.
Situated in the ‘heart of New Dubai’, JLT’s prime location in close proximity to Sheikh Zayed Road, the main arterial between Dubai and Abu Dhabi, Al Maktoum International Airport, the Dubai Logistics Corridor, and between two operational metro stations, makes it the ideal address to live, work and play, the report said. – TradeArabia News Service