Thursday, February 21, 2013

Demand for JLT properties on the rise

There has been considerable growth in demand for commercial and retail properties in Jumeirah Lakes Towers Free Zone (JLT) during the final quarter of 2012, as reported by leading real estate specialist, Cluttons.

Recently, the Jumeirah Business Centre 3 (JBC3), the 39-storey commercial tower was completed, which has been successful in attracting several international corporate tenants. This highlights the current trend which sets JLT Free Zone as the leading location for new businesses in Dubai, the report pointed out.

Moreover, Cluttons noticed increased demand for rented accommodations in the JLT Free Zone during the recent months, which has resulted in JLT developing to be the fastest growing free zone in the UAE.

As per reports, 55,000 people are living and working within the development. Last year was a successful year for JLT Free Zone, with 2033 new company registrations, marking 33 percent increase over the year 2011, with majority of the demand coming in from Australia, Asia and Europe, Cluttons said.

JLT offers quality freehold space for mixed-use living, including residential, commercial and retail, offering a wide range of prices. One of the major positive aspects of JLT is its strategic location along the Sheikh Zayed Road, linking Dubai and Abu Dhabi.

Accessibility to Dubai’s Metro also provides short commutes to Dubai International Airport and other business hubs.

Cluttons has a long-standing relationship with Al Fajer Properties. It recently worked with the leading commercial real estate developer, which launched JBC3 and specializes in JLT commercial properties.

Al Fajer Property’s JBC also boasts of the best views in JLT Free Zone, which includes two world-class golf courses, The Emirates, The Montgomerie, the Marina and the City.

The Cluttons-Commercial Head in Abu Dhabi, Paula Walshe, said that he is pleased to see the revival of JLT Free Zone, which is attracting international-grade tenants, due to its ability to offer quality space in a strategic location.

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