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BACK IN THE GAME: Jumeirah Lake Towers’ regaining appeal for businesses and residents
With increased demand from rental and commercial units – and a new park on the cards – JLT is finally coming into its own.
February 20, 2013 5:48 by Eva Fernandes
After the real estate crash, the true potential of Jumeirah Lake Towers becoming the next business hub and residential centre was never quite realised. Rents dropped and developments were put on hold. Fast forward to 2013 and spectators say the development is finally reaching the potential investors once believed it was capable of.
For one thing, Cluttons has reported an increase in demand for both retail and commercial units in the area over the past four months. The completion of a 39-storey commercial tower, called Jumeirah Business Centre 3, is just one of the many signs of a changing tide. Cluttons also reported 2,033 new company registrations and a 33 percent increase on the year before. Not only is the area becoming increasingly attractive to businesses, well over 55,000 people are living and working within JLT, with the majority of inhabitants hailing from Asia, Australia and Europe.
Hamptons MENA has reported a growth in property sales transactions of 19 percent in January over the same period in 2012. Among other developments, Jumeirah Lake Towers was one of the key areas which has seen an increase in demand.
“Simultaneously, there is growing demand for rental properties too in New Dubai area, drawing on the lifestyle amenities offered by the communities. We expect the positive trend to continue through the coming months, especially with Dubai recording impressive growth in its core sectors of tourism, trade, retail and hospitality” said Niraj Masand, Head of Operations of Hamptons MENA.
The development was recently in the news when it emerged that authorities were draining out the water from the central lake to make way for a planned 55,000 square meter park. Given the namesake of the development, the move may seem odd, but it marks a decided direction to make the area more friendly to residents and families.