Dubai South Real Estate Set To Boom With Al Maktoum Airport Expansion
The decision to expand Al Maktoum International Airport in Dubai South will likely boost the real estate market in the region. According to experts, there will be more buyers close to the airport. Prices for homes are likely to rise.
This past Sunday, sheik Mohammed Bin Rashid Al Maktoum disclosed plans to build the passenger terminal at Al Maktoum International Airport. The vast project is estimated to cost AED 128 billion ($34.8 billion).
The ultimate goal is to manage more than 260 million passengers yearly. After completion, the airport will be renamed from the Dubai International Airport to Al Maktoum International Airport**. This vast expansion will make Dubai South a bustling city.
Let's examine why property professionals are so enthusiastic about Dubai South real estate.
Ideal Time to Invest in Dubai South
Nabil Al Kindi, the CEO of Dubai South Properties, spoke about the distinctive facilities and lifestyle available within the Dubai South Residential District.
With shops, parks, and schools, a 50,000-square-foot hypermarket, and easy transportation routes, it's an appealing neighborhood that's growing by 20% per year. Recent data shows an increase of 11% in residential transactions, suggesting a high demand.
Dubai South is a key region for the development of future urban areas, so Al Kindi said the expansion of the airport will benefit real estate, both in the near and long term.
With the possibility of more developers moving into the area, this is a good time to make an investment, according to Paul Kelly, the Operations Director at Allsopp & Allsopp. He advised investors to invest early before prices start to increase.
Increased Demand for Residential and Commercial Real Estate
Kelly believes malls, commercial hubs, and other industries will move towards Dubai South as construction begins.
This will likely create Dubai South, the next central city hub, fueling the demand for property. Being close to the airport is also an excellent opportunity to invest in holiday homes.
Simone Dobson, COO of Chestertons MENA, agreed that commercial and residential real estate will experience increased interest.
The relocation of airport employees will improve the affordability of residential property. Operations and airlines will require a larger amount of industrial and commercial space.
Al Kindi identified several Dubai South developments, such as South Bay and The Pulse, that could see a resurgence in interest because of their close proximity. He added that Dubai South offers exceptional investment opportunities, and the first to move will profit the most.
Top Investment Properties in Dubai South
In terms of the desirable locations to invest, Al Kindi outlined the wide range of options for residential properties, from apartments to villas, with a high demand, which means that they sell new releases rapidly. Kelly advised apartments specifically designed for rental properties for short-term and holiday homes for pure investors.
This gives a greater potential audience and the opportunity to exit.
- South Bay 5
- South Living By Dubai South
- Creswell Residences
- Azizi Venice
- South Bay Mansions
Rising Property Prices Around Al Maktoum International
The two Al Kindi and Kelly Al Kindi expect property prices to increase steadily due to the constant development and enhancements coming into Dubai South. Kelly anticipates a significant increase in the activity of the market around the airport.
The projected population growth of one million people will increase prices, like Al Kindi.
Dobson added that this new facility will benefit adjacent areas such as* Discovery Gardens, Dubai Investment Park, and Al Furjan**. She anticipates developments on the major highways when Dubai World Central becomes central to Dubai's future. This transformation will strengthen Dubai's status as a world city.
Wrapping Up
Real estate experts are optimistic about Dubai South and surrounding areas as Al Maktoum International Airport expands.
They cite a significant boost in demand for commercial and residential properties, rising prices, and Dubai South's development into a major city. This is the perfect time to look at Dubai South real estate before prices increase. The airport's expansion will shape Dubai for a long time to come.
