The price of properties located close to Dubai Metro stations has outperformed that of other properties in the emirate.
Research from property consultant Knight Frank found that, from the first quarter of 2010 to the first quarter of 2018, prices for residential units within a 15-minute walk of key Red Line Metro routes have outperformed the wider residential market.
While average prices in Dubai grew by 28 per cent, prices for residential units within a five-minute walk of a metro station grew by 51 per cent on average, and units within a 10-minute walk grew by 58 per cent. Properties within a 15 minute walk increased by 33 per cent on average.
Although properties close to the metro have grown most strongly, they are still cheaper than properties located further away.
In the first quarter of this year, the average price per square foot for buildings within a five-minute walk of the metro was 4 per cent lower than the average price per square foot in Dubai. Buildings within a 10-minute walk achieved a 9 per cent premium and buildings within a 15-minute walk to the Metro achieved a 32 per cent premium over the Dubai average.
The Red Line of Dubai metro opened in 2009, followed by the Green Line in 2010. An extension to the Red Line connecting to the Dubai Expo site is under construction and further extensions are planned.
The Green Line extension will start from its terminus at Creek station in the Jadaf area, cross over to the Dubai Creek Harbour development, and go on to Ras al-Khor, International City and Dubai Silicon Oasis, before terminating at Academic City. The line will have 11 stations.
The Red Line extension will link its terminus in Rashidiya to Mirdif City Centre. It will extend 3.5km and have one station.