Dubai Metro drives up property rates by 41%
Transit-oriented development makes an impact in Dubai.
(Staff Reporter) / 18 June 2015
Dubai — The Dubai Metro has triggered a rise in property value near the Metro stations, according to Mattar Al Tayer, Director-General and Chairman of the board of executive directors of the Roads and Transport Authority (RTA).
Al Tayer revealed that value of the properties situated within 1.5-km radius of both Red and Green Line has risen between 13 to 41 per cent. Similarly, the rental and sale value has appreciated by up to 10 per cent, indicating that the Dubai Metro has made a huge impact the Dubai Metro on boosting the market value of properties.
Al Tayer also underlined that the public transport systems, especially the Dubai Metro, and linking them with commercial and residential properties contributed to reducing carbon emissions from private vehicles from 2010 until this year by 58 per cent. It has also brought about saving of about Dh87 billion in waste time and fuel during the period from 2006 to 2014, besides providing safe, smooth, express and environment-friendly mobility across the city of Dubai.
“From inception, the RTA has been keen on linking vital facilities and densely populated property projects with mass transit means. Linking properties with mass transit systems, or the so-called transit-oriented development is underlined by the importance of these modes in easing the mobility of residents, reduced cost of journeys, and hiking the market value of property units. For example the cost of journey from properties benefiting from the link with mass transit systems has dropped by as much as 300 per cent,” said Al Tayer.
“An examples of vital facilities linked with the Dubai Metro is the Burj Khalifa Metro Station, which was visited by 6.6 million riders in 2014, and the air-conditioned footbridge linking the station with Dubai Mall has increased the number of riders by 59 per cent compared with the previous year. The annual growth rate of the station visitors during the first three years since the opening of the bridge was estimated at 35 per cent. Other examples include Mall of the Emirates Station, which was used by 5.8 million riders last year, recording a rise in the number of riders by 12 per cent per annum,” he continued.