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Will JBR regain its appeal?
New study reveals downgrade in community's ranking.
July 15, 2013 5:01 by Muhammad Aldalou
When the Jumeirah Beach Residence (JBR) was launched in 2002, and completed in 2007, the six billion dirham project had a few unique selling points that attracted investors and tenants.
Open access to the beach, high-rise apartments with sea views and promise of The Walk – a 1.7 kilometre strip at the ground level of the development, with a wide range of retailers, restaurants and cafes – were all compelling reasons for potential buyers to snatch up properties.
Several years on, JBR is gradually losing its appeal and glamour. With the construction of a major retail complex on the beach – comprising of four distinct plazas that occupies most of the beach between the Hilton and Sheraton hotels – resulting in a considerable build-up of traffic and loss of beach access, one can easily guess why.
In its latest report, reflecting the second quarter of 2013, the online real estate portal propertyfinder.ae reveals that the Dubai Properties’ community has, once again, plunged in the rankings. In terms of the most sought after (popularly searched for) communities in the UAE, JBR has been downgraded from the seventh place to the 10th this quarter.
According to the study, which echoes the extensive analysis of data from more than 120 million property searches, JBR’s appeal is also fading among homebuyers as well. Renan Bourdeau, managing director of propertyfinder.ae, says that since the area lost its USPs, it has been rather difficult to entice potential tenants to look into renting a property in JBR.
Lukman Hajje, the portal’s commercial director, added that he doesn’t believe that prices have played a significant role in the decline of interest. In fact, he says they’re quite reasonable – by both international and Dubai standards – but that it all boils down to the construction process over the next few years. And the traffic doesn’t help either.
“Something needs to be done to address the traffic situation there. The RTA needs to do something and I think we’re all eagerly awaiting to see their plans,” he says. Once the development of The Beach (retail complex) is complete and the parking/traffic situation is sorted out, Hajje says he is confident that JBR will shoot up the rankings again.
“In the medium to long term, JBR will, once again, be one of the great spots in Dubai.”