Shopping malls and their impact on Dubai Real Estate
The Dubai Center is the largest mall that offers a comprehensive retail experience when it comes to the total number of malls. This type of retail establishment has a significant impact on the real estate industry in Dubai. In addition, they influence the region’s tourism and the locality’s development. Whether it is the world’s largest shopping mall, The Dubai Mall, or rustic street size shopping, Dubai offers a diverse shopping experience. These shopping destinations have a strong influence on the Dubai property market. They impact tourism and also the growth of a locality.
- Off-plan and ready to occupy projects
If you look at the most popular Dubai property developers, many offer communities with shopping centers as one of the main amenities. Several residential properties are built close to popular shopping malls. These are often the areas where real estate grows at a fast pace. Dubai properties located near the malls also tend to be some of the most expensive ones.
- Rental value
Shopping festivals like the extravagant ones that Dubai often hosts tend to influence the economy positively. Dubai Mall also has a reputation for hosting such globally popular shopping events. These are times when the short-term rental market in the city shoots up. To avoid the hassle of traffic, many tourists choose a Dubai property located close to the shopping malls in areas like downtown, Al Barsha, and the off-plan Dubai Hills Estate where the shopping festivals take place. People who pick buy to let properties benefit from such short-term rental options. These are also the properties that can fetch some huge rental returns consistently.
- Ease of commute
One other significant benefit of picking a property in the vicinity of a shopping mall is that these are well connected with the rest of the city through multiple modes of transport. Due to many such benefits, purchasers pick an apartment close to the shopping malls. This is one main reason why even a less popular area soon becomes a boom in the real estate sector when a shopping mall comes up. As there are plenty of world-class malls in Dubai, these have contributed a great deal to the increasing popularity of the various neighborhoods. These have, in turn, increased the value of the property market in the city.
A study of the top developers in Dubai reveals that one of the main facilities of their projects is community shopping malls. Close to major shopping malls, several housing projects are created. Other locations, which likewise expand at a rapid rate, are located here. Real estate in Dubai is also among the most lavish outside of the malls.
Dubai holds several extravagant shopping events, and as a result, the economy appears to be improving. Dubai Mall has also earned a reputation for hosting worldwide common retail activities. The town’s short-term rental demand is increasing on occasion. For the most part, guests prefer properties located in downtown Dubai or the suburbs, including Al Barsha or Dubai Hills, where the shopping festivals are held. People who opt to buy to let make money from these short-term rental opportunities.
Proximity to a shopping center offers several other essential benefits, such as accessibility to various transportation systems. An apartment located adjacent to retail malls is preferred over any other property benefit. The influx of internet shopping centers causes a lesser-known retail location to see a surge in real estate values. Most of the world-class malls in Dubai have considerably increased the growth of the neighborhoods in which they are located. Additionally, these property-related benefits caused the town’s property valuation to rise as well.