Discover the Next Hotspots in Dubai as Al Maktoum International Airport Project Takes Off!!
Dubai South and Expo City to benefit first from the AED128b project, but there’s more to come.
Dubai’s new mega-airport project, worth a staggering AED128 billion, is set to boost the real estate market within a 20-kilometer radius. The first to reap the benefits will be Dubai South and Expo City, but the impact will also be felt in areas slightly further afield from Al Maktoum International Airport. Vijay Doshi, Managing Director of Vincitore Realty, believes that any available land in this radius will be quickly snapped up, creating a new dream destination in Dubai for developers and property buyers.
The Entire periphery of the new area has to bloom with the gradual rise in demand for housing as the entire fleet base shift from DXB to DWC will pull up the prices naturally. All the major developers are already flocking around to make the plan a success. We believe in Dubai as one of the fastest growing countries with a great Leadership front to execute strategies.
Sanjit Banerjee, Founder and CEO, SMS Group
The ambitious airport project, announced in late April, is expected to handle 260 million passengers a year, making it the world’s largest airport facility. Covering a vast 70 square kilometers, the first phase of the airport will take a decade to build and will have a capacity for 150 million passengers a year. This leaves ample room for Dubai’s real estate market to capitalize on the opportunities around the airport site. Off plan projects in Dubai South and Expo City are already attracting investors, with Sky Residences in Expo City offering payment plans of up to 8 years, including 5 years of post-handover instalment’s, with prices starting at AED1.8 million.
Jebel Ali, Dubai Investments Park, and Dubai World Central are poised for a developmental boom. Enhanced connectivity and infrastructure will drive up land and property values in these areas, presenting profitable prospects for both investors and end-users.
Ranjeet Chavan of Nautilus Properties
Catering to the Next Wave of Investors
Simon Townsend, CEO of Avison Young, a real estate advisory firm, identifies other locations that could benefit from the airport, including Palm Jebel Ali and immediate areas, as well as lands adjacent to Dubai Parks. Coastal developments of Al Jurf and Ghantout are also expected to benefit from the new masterplan.
Separated by Under 60 minutes.
Townsend also highlights the strategic importance of the proximity between Dubai’s airport expansion and the new Abu Dhabi airport terminal. These two global aviation hubs are less than 60 minutes apart, creating a new ‘golden rectangle’ for projects that benefit from air connectivity.
Time for Momentum in DUBAI SOUTH.
Dubai South, which has been developing its residential, commercial, and office options over the last decade, is now ready for the next stage of growth following the Al Maktoum International launch announcement. Eima Hajimalian, Manager at GCP Properties, notes that land prices have increased by 35 per cent in the last 12 months, with current land values between AED160-AED180 per square foot on built-up area.
What’s the Current Status of Property Prices and Rental Rates?
Over the last 12 months, price and rental values have increased in double-digits, particularly for apartments. Rentals in Dubai South offer a range of pricing options, from AED50,000 for an annual lease on a furnished studio to AED100,000 for a 3-bedroom unit.
I’m of the opinion that the rise in property prices around Al Maktoum International could commence as soon as the next two to three months.”
Vijay Doshi of Vincitore Realty
Vijay Doshi suggests that the new airport announcement will soon start to influence real estate activity, and with available land, there are also opportunities to create mid-segment serviced apartments considering the jobs that will be created to build the airport project. This marks the next chapter of growth for Dubai South.
