Now, Dubai realty awaits the “Tram” effect

0
990

By Manoj Nair, Associate Editor  www.gulfnews.com

Dubai: As with the Metro earlier, a new tram service will have a favourable impact on a prime piece of Dubai’s real estate.

Starting the testing phase this week ahead of a commissioning later in the year, the new tramway will also go some way in decongesting movement into and out of Dubai Marina, market sources said.

“Phase 1 of The Dubai Tram network is expected to boost buyer appeal even further by offering alternative commuting options to nearby business hubs such as Dubai Internet City, Media City and Knowledge Village,” Steve Morgan, who heads Cluttons’ regional operations, said.

The Tram will link up with the Metro and Palm Monorail and run along Al Sufouh Road and Jumeirah Beach Road from Mall of the Emirates at one end, to Dubai Marina on the other.

Cluttons’ recent market tracker showed the Dubai Marina cluster as recording capital value gains of between 8.5 per cent to slightly more than 10 per cent in the third quarter. These gains, according to the consultancy, are ahead of the average for Dubai as a whole during the same period. More info