By Daniel Shane
Beachfront community's appeal is dwindling with both renters, buyers, says study
Dubai’s Jumeirah Beach Residence (JBR) property development is losing its appeal with renters and buyers, according to a new study.
PropertyFinder.ae’s Real Estate Report said that JBR saw its ranking in the most searched locations to rent a property in Dubai fall from seventh in the first quarter of the year to tenth place in the second quarter.
The online property firm said that JBR’s appeal was similarly waning among home buyers, where it also placed tenth in terms of searches.
PropertyFinder.ae said that the beachfront community’s loss of desirability could be due to ongoing construction projects in the area.
“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,” commented Renan Bourdeau, managing director at the website.
However, he added that the future prospects of the development were 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. By 2014, a 5,000-square-metre boutique mall (The Beach) is expected to rise in JBR, featuring over 40 food and beverage outlets, retail shops and entertainment facilities,” Renan said.
The construction of the AED6bn man-made Bluewaters Island project, announced by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum this year, could also entice tenants back to JBR with a mix of new accommodation and hospitality amenities.
According to PropertyFinder.ae, Dubai Marina was one of the most searched for districts in the emirate, accounting for 18 percent of enquiries by both potential buyers and renters.
Other popular projects included Jumeirah Lakes Towers, Palm Jumeirah, Downtown Dubai, The Springs, Arabian Ranches and Al Barsha.
The study was based on more than 120m property searches by 1.8m visitors to the PropertyFinder.ae website.
JBR residents don't want another 40 food and beverage outlets, retail shops and entertainment facilities blotting out their beach view and access! The place is already loaded with enough substandard F&B chains and do people really need another branch of Reiss, La Senza, Nike, H&M etc. when Marina Mall is 5min away, MOE is 15min away and Ibn Battuta 10min away (well, that is if there is not a queue of traffic trying to get into Discovery Ghetto, but that is a separate topic). JBR has the feel and class of an intercity council housing block to be found in any major UK city. Not quite what was first marketed in all those glossy adds in GQ and equivalent titles at the start of the project...
I think that decline in popularity might be only temporary. JBR remains a very convenient and relatively affordable place to live when compared with other beach front communities in Dubai.
High density high rise living! There appears to be no letup in Dubai's worship of $$$.
I think a less dense development with say more green space and lower rise buildings would have made the development a far nicer place to live, and increased property values and rents. However, that apparently was not the concern of the developers, whose only goal appears to have been maximising revenue per sq. ft. of development.
I used to live in JBR from 2007-2010. I moved out due to the poor finishing and increasing traffic. I can see that this will not get better with the increasing amount of projects and decreasing amount of parking space.
It is only natural that the appeal of JBR decreases as more beachfront developments, as well as new buildings in Downtown and Business Bay, come to market.
@DXBHeadhunter - JBR is not as you represent. The issue is entry into and out of the place. I lived there for 2 years and loved it - Murjan was easy to get into being one of the first buildings. The road improvements have been a major headache and the silly one lane (make it 2!) systemt is a nightmare. That is why I avoid the place, not because of the JBR. Yes they promised gyms and the retail outlets on the podium have pretty much all failed to attract footfall...........maybe residents will get their gyms after all!
I agree the additional mall developments make no sense and are spoiling what is already there. Will the 'improvements' ever be finished?!?!?