A new metro line is quickly coming together throughout Dubai, Route 2020. This line is set to include stations in five key areas across its 15km span. This extension is intended to cover highly populated areas in Dubai, therefore making commutes easier for visitors and residents alike. Route 2020 is expected to be finished prior to the Expo commencing in October. This opening is likely to change demand forces for residencies along the line due to increased accessibility, therefore influencing the relative prices of said residencies.
The Metro Line 2020 is set to cause change in demand for properties running along the line. It is predicted by Property Finder that certain areas will see more fluctuations than others, according to a Property Finder report. In 2019, interest in Discovery Gardens, Dubai Investment Park and Jumeirah golf estates has been highland this has been linked to accessibility to a Metro Line.
Historically the most popular renting opting in these areas has been one bedroom apartments. In line with recent trends we have seen rents decrease for all options across the aforementioned communities. An example of this is Discovery Gardens, in which the rent decreased for one bedroom apartments by 8% throughout 2019. In February 2020, the prices continued to fall for one bedroom apartments. This trend extends to two bedroom apartments, however less drastically, as rents only reduced by 5% over the 2019 period.
The trends for Dubai Investment Park have followed suit, with one and two beds average rent decreasing by 18% and 14% respectively. Jumeirah Golf Estates, located along the new metro line close to the EXPO 2020 site is the third most popular area along the new metro line. In this residence access to public transport remains fairly limited. However this is set to change as Route 2020 nears completion.
Jumeirah Golf Estates are also located along the new metro line, relatively close to the EXPO 2020 site. Similar to Dubai Investment Park and Discovery Gardens, rents have also decreased over the past year. One bedroom and two bedroom apartments dropped by 5% and 11% respectively.
These three areas price falls are in line with overall market trends across Dubai and therefore are not shocking. Despite this the new Route 2020 metro line has made substantial progress and the project is almost complete. According to past trends of areas in proximity to new public transport routes, the assumption can be made the prices for these areas are due to increase when Route 2020 opens. Once the metro line is fully operational, the prices of these areas are expected to rise in conjunction with the added demand. Therefore those who have moved into these areas over the past year are considered to have a first movers advantage.
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