What initially seemed to be a curse for Dubai's economy - an apparent shade of the ongoing worldwide recession - has recently started unfolding better avenues for property buyers and renters. While much of Dubai's fundamentals remains as it is, including trade and commerce and the recreation and hospitality sector consisting of the much famed leisure outlets and Dubai hotels, there has been a noticeable drop in the valuation of the freehold properties and the rentals across the region, hence giving the accommodation seekers an obvious edge over the real estate dealers.
People can easily move to those areas today they could have hardly even thought about a year ago. According to the latest figures, a vast over-supply dominates the freehold segment of Dubai's real estate currently, thus allowing the tenants to decide the areas and the kind of accommodation they might be willing to move into. Dubai has always had to cope with an ever-increasing demand for accommodation in various segments, including that in villas, apartments and Dubai hotels, and has been witnessing an over-supply in the freehold segment only recently.
Some of the areas to look around for staying and move in are Dubai Marina, Jumeirah Beach Residence, Jumeirah Lake Towers, Discovery Gardens, Springs, Arabian Ranches, Al Barsha, International City, Bur Dubai, Karama, Mirdif and Al Nahda. Jumeirah Beach Residence has been built over a 1.7 kilometer long stretch of Dubai Marina's coast. The township has a European ambiance to live in and easy access to five star Dubai hotels and eateries across The Walk. JBR has 40 towers - 36 residential and 4 hotels - to cater to the needs of about 10K tenants. There is no facility of showers or changing rooms across the beach and only electric kitchen appliances are made available to the tenants - a couple of negatives to be aware of.
The rest of Dubai Marina has much of the same lifestyle to share across its length and breadth, with the additional adage of a newly opened Metro station that one could easily walk down to catch periodic trains elsewhere. The marina has no dearth of recreational outlets and Dubai hotels of world class standard. Jumeirah Lake Towers - a cluster of 79 towers built alongside four artificial lakes - is yet another option for residing by Dubai Marina's neighborhood. JLT has a proximity to the Palm Jumeirah and Marina Mall and the facilities like private parking and 24-hour security. Besides, the nearest Metro station could be reached by the tenants easily, as in marina's case.
Among all the above mentioned localities, Discovery Gardens is perhaps the cheapest one in today's context. It has much open landscape and private parking, apart from the proximity to Ibn Battuta Mall, to make it sound habitable. There is a lot more to be looked around for elsewhere in the areas, such as Springs, Arabian Ranches, Al Barsha, International City, Bur Dubai, Karama, Mirdif and Al Nahda. They too will have access to recreational outlets and Dubai hotels of world class standard. Dubai's growth refuses to be tamed down irrespective of the worldwide recession and its shadow within. Even a slowdown will have something to cheer about, as this story about the changing scenario of Dubai's real estate suggests.