New Dubai Welcomes Influx of New Residents

11/10/2011 - Dubai Property News
New Dubai Welcomes Influx of New Residents

Dubai is witnessing a shift in population thanks to more competitive rents, larger living space and newer buildings and facilities. ‘New Dubai’, which encompasses residential zones such as Al Barsha, Tecom, Dubai Marina and Jumeirah Lake Towers is one of the key areas that is welcoming an influx of new residents, looking to upgrade their Dubai lifestyle. According to research by Jones Lang LaSalle, not only are areas like these drawing people in from Abu Dhabi and Sharjah, the city itself is also seeing a reshuffling of residents from one area of the emirate to another.

Speaking to XPRESS, Craig Plumb, Director-Head of Research, Jones Lang LaSalle, for the MENA region said: "Dubai is recording a high number of people moving from low-cost areas to those that were previously more expensive." Popular trends include shifts from areas such as Mirdif and Al Quoz to Al Barsha and Jumeirah Lake Towers. Residents are moving around in search of better amenities, build quality and rent per annum.

Proximity to the Dubai Metro network is also proving a major factor in relocation. Speaking to EXPRESS, Vineet Kumar, Asteco's Business Development Head: “There are many tenants who are prepared to pay up to 20 per cent extra for the privileges. Dubai Metro has added a whole new market dynamics and, as the network rolls out across the emirate, the rental disparity might become even more pronounced than it has ever been before.

The New Dubai area is home to The First Group’s three upcoming hotel apartment projects; First Central, Metro Central and Grand Central. Located in the busy district of Tecom, the trio of developments is also just minutes away from the Dubai Metro’s Internet City station.