The new units at Expo Village can be leased for short- and longer tenures, according to market sources. They come to market as the wider Dubai South development emerges as one of the city's emerging residential hospots.
Dubai: The Dubai property market is seeing the release of the first apartment buildings at ‘Expo Village’ (at the site of Expo 2020), and potential tenants would be hoping to sign up quickly on rental terms that would be on the affordable side.
The Expo Village will have 2,273 apartments within four designated residential clusters, all of which are designated for leases. The communities are ‘minutes away from the Expo 2020 Metro Station and the Dubai Exhibition Centre’, and with Savills appointed as the main leasing agent.
“By the looks of it, these apartments will be released in phases and generate ready demand from those working at ‘Expo City’ or within Dubai South,” said an industry source. “Even then, these units would appeal to those who work at offices in the wider Jebel Ali area – what’s most important is that these many units are arriving in Dubai’s rental market at a time when most other locations are going through 20-30 per cent rent increases
“The Metro directly serving the Expo Village will be a major USP for tenants.”
Currently, at Dubai South, brand new one-bedroom apartments of around 800 square feet are listing for Dh28,000 or thereabouts (and with one-month rent-free). The Expo Village rentals are yet to be formally published, but chances are there would be at a premium on comparable Dubai South rates.
"In my opinion, the Expo Village will be at a premium compared to Dubai South due to various reasons," said Niraj Masand, Managing Director of Artha Realty. "Access to the Metro and these units being rented and managed by the developer are most significant. Also, there are plans to offer them furnished."