Works hit JBR popularity

Ongoing construction work in Jumeirah Beach Residence (JBR) has dampened the beachfront master community’s popularity among tenants and buyers, according to a new report.

In its second quarter report, propertyfinder.ae, a UAE-based real estate portal, said JBR saw its ranking fall by three places to 10th position from the seventh position it held in the first quarter of 2013.

The findings, propertyfinder.ae claims, is based on an extensive analysis of data from over 120 million property searches involving around 1.8 million visitors.

“Major road construction work has resulted to traffic buildup, as well as the loss of beach access and views of the sea for residents – two of JBR’s unique selling points. Because of these, it has been rather difficult to entice potential tenants to look into renting a property in the area,” said Renan Bourdeau, managing director, propertyfinder.ae.

However, Dubai’s Real Estate Regulatory Agency’s latest rent index revealed that leases for two bedroom units in JBR are up by 11 to 25 per cent and now start at Dh100,00-Dh150,000 per year, compared to Dh90,000-Dh120,000 per year in the first four months of 2013. The rent index is updated every four months and thrice in a year.

The beachfront community also took a hit and now stands at the 10th position in terms of the most favoured locations to buy residential properties in the emirate.

But Bourdeau believes that though accessibility is a challenge at this time, the future prospects for JBR continues to be promising.

“Over the past years, the area has attracted considerable investments not only from property developers, but also from hospitality and retail investors as well.”

In the coming years, JBR will get a 5,000-square-metre The Beach, boutique mall, featuring over 40 food and beverage outlets, retail shops and entertainment facilities, by end 2014.

Work has already commenced on the Dh6 billion Bluewaters Island project, which will offer hospitality, retail and entertainment options to residents.

(https://www.emirates247.com/news/emirates/new-dubai-island-to-house-world-s-largest-ferris-wheel-2013-06-19-1.510950)

Last week, Dubai Properties Group, the master developer of JBR, has said that it will commence work on JBR beach club by year-end.
 

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