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New Details

UAE: New Airport Plan To Drive Property Demand, Prices In Dubai South

Published on : 04-05-2024

UAE: New Airport Plan To Drive Property Demand, Prices In Dubai South

"Dubai South property prices are expected to surge as the new Al Maktoum International Airport fuels demand for housing and businesses."

Property prices in Dubai South and its neighbouring areas are expected to rise by up to 15% this year due to the relocation of the Dubai International Airport, boosting demand. 

Real estate industry executives predict even faster price increases upon the airport's completion, with demand exceeding 100,000 properties in Dubai South and its surroundings over the next decade.

All operations at Dubai International (DXB) will gradually move to the new Dh128-billion Al Maktoum International over the next ten years. This airport will have a passenger capacity of 260 million annually.

The emirate plans to build an 'entire city' around the airport in Dubai South, creating a demand for housing for a million people. Dubai South is already one of the most sought-after areas for buying villas and townhouses, ranking second in demand in the first quarter of 2024.

Thanks to Expo 2020 Dubai, several multinational corporations have set up operations in Dubai South, including Amazon, Noon, FirstCry, Landmark Group, and Siemens.

Svetlana Vasilieva, head of secondary sales at Metropolitan Homes, expects a gradual rise in property prices within a year, potentially reaching 10-15%, driven by anticipation of future growth. She believes a more significant price increase is likely closer to completing the new passenger terminal at Al Maktoum International Airport.

Vasilieva also noted the Dubai government's plan to build a city around the new airport with a capacity to house at least one million people. This suggests significant demand for new houses in Dubai South, with the logistics and aviation sectors expected to boom, creating job opportunities and attracting residents.

The relocation to Al Maktoum International will also boost the hospitality sector as the need for new hotels and serviced apartments will grow for transit passengers and business travellers.

Knight Frank's partner and head of research for Mena, Faisal Durrani, highlighted the need for developers to accelerate construction plans to house the expected influx of residents. He noted that Dubai is set to see a shortage of housing supply, which could lead to sustained upward pressure on prices, especially around Dubai South.

Over the next 10 years, Paul Kelly, operations director of Allsopp & Allsopp Group, sees the need for hundreds of thousands of properties in Dubai South and surrounding areas, considering the population growth. He expects property prices to rise in Dubai South and the surrounding areas over the next decade.

Suchit Odhrani, client manager at Betterhomes, expects demand for new houses to surge significantly, given its distance from heavy traffic and improved road infrastructure.

Moreover, with approximately 2,000 units being launched in Dubai South each year, Odhrani anticipates this number to double as investors and individuals currently commuting from afar for work are likely to show interest in relocating to the area.

Cherif Sleiman, chief revenue officer at Property Finder, highlighted the strategic location of Dubai South, which is near primary transportation links and world-class amenities, making it an attractive option for renters and buyers alike. He mentioned that the ongoing development in Dubai South is expected to create a new city centre equipped with modern planning and infrastructure, boosting interest in the area.

#dubaiinternationalairport #uaenews #airportupdates #dubainewairport2024

News Source : Khaleej Times

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