Dubai’s recently opened Gold Souk Extension aims to enhance Dubai’s reputation as a global center for precious metals, stones, and jewellery. At the same time, the marketplace is offering Deira Dubai, the city’s most valuable heritage, a much-needed boost in visibility.
As new buildings and communities are completed, Deira Dubai broad business and residential zones are experiencing increasing resident activity in numerous ways. The Dubai government-owned wasl has had a number of triumphs with recently finished developments in the neighborhood, while private developers’ projects have also been well received by renters.
The stores and structures of the Gold Souk Extension have been added to this mix. Rents for one-bedroom apartments of 1,000 square feet or more start at DH 60500, while two-bedroom apartments (of about 1,200 square feet or more) start at Dh79,000. There will be more residential, office, and retail units delivered. (The hub will include 468 luxury units.)
As part of the 2040 Urban Master Plan, Dubai’s ancient districts – including Deira – will undergo their own metamorphosis. The Gold Souk Extension, with its 1.181 million square feet, fits well into that plan. Issam Galadari, Director and CEO of Ithra Dubai, the developer, claims, “The Gold Souk Extension pays homage to Dubai’s trading history. The historic value of this region has been enhanced in order to give a richer experience for tourists while accommodating an increasing number of them.”
A Process of Revitalizing
As more of Dubai’s growing neighborhoods attract property buyers and tenants. It is equally important to provide the heritage districts varied hues of makeover. All of this is coming to Deira’s great property along the Corniche. With hotspots like the Souk and the already popular Waterfront Market on the way. Deira Island has a number of hotels and resorts.
“These will force current landlords to update their houses significantly in terms of quality.” Said one estate agent with various listings in and around Deira. “Even when the rates were higher than the norm in the neighborhood. Each new residential building in the area drew a lot of leasing interest.” The residential structures at Gold Souk Extension will see the same demand. Especially because the rental market is improving.
“There’s a flight to excellence, and landlords are receiving it loud and clear.”
New Benchmarks, New Listings
Two-bedroom flats are available for DH 70000 per year in a brand new tower in Al Mamzar. With two months’ rent-free and payments in six installments. Another two-bedroom flat in Hor Al Anz, close to the Metro, is available for DH 55000 – with no commission.
“Deira Dubai hasn’t had the same year-on-year growth as high-demand regions. Like Dubai Marina, Business Bay, or Downtown,” the agent explained. “However, because demand is improving, certain buildings, both new and old. That are able to charge greater rents.” Anything with room and supplied at a high standard is easily leased.”
Property owners are getting the word, and many of them are going to start renovating their properties. They should gaze at the new and glittering attractions that make up the Gold Souk Extension for ideas.