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The decision to grow Al Maktoum International Airport in Dubai South will likely boost the area’s real estate market. Experts think more people will want homes near the airport. Property prices are also expected to steadily increase. On Sunday, Sheikh Mohammed bin Rashid Al Maktoum revealed plans to expand the new passenger terminal at Al Maktoum International Airport. The huge project is worth AED128 billion ($34.8 billion).
The goal is to eventually handle 260 million passengers yearly. Once finished, all operations will move from Dubai International Airport to Al Maktoum International Airport. This massive expansion should turn Dubai South into a bustling hub. Let’s examine why property experts are so positive about Dubai South real estate.
Ideal Time to Invest in Dubai South
Nabil Al Kindi, CEO of Dubai South Properties, highlighted the unique amenities and lifestyle offered in Dubai South’s Residential District. With parks, shops, schools, a 50,000 square-foot hypermarket, and easy transit links, it’s an attractive community that’s grown 20% annually. Recent data shows an 11% uptick in residential transactions, signaling strong demand.
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As Dubai South is a key area for future urban development, Al Kindi said the airport expansion will positively impact real estate in both the short and long term. With more developers likely moving to the area, it’s a prime time to invest, according to Paul Kelly, Operations Director of Allsopp & Allsopp. He advised investing now before prices start rising.
Increased Demand for Residential and Commercial Real Estate
Kelly expects commercial hubs, malls, and industries to flock to Dubai South as construction begins. This will likely make Dubai South the next major city hub, fueling property demand. The proximity to the airport also presents holiday home investment potential.
Simone Dobson, COO of Chestertons MENA, agreed that both residential and commercial real estate will see increased interest. Relocating airport employees will boost the affordability of residential demand. More commercial and industrial space will be needed to supply airlines and operations.
Al Kindi identified several Dubai South developments like South Bay and The Pulse that should experience a surge of interest given their proximity. He said Dubai South offers exceptional investment opportunities that early movers will benefit most from.
Top Investment Properties in Dubai South
Regarding the best areas to invest in, Al Kindi highlighted the range of residential options from villas to apartments, with strong demand, selling out new releases quickly. Kelly suggested apartments geared towards short-term rentals and holiday homes for pure investors. This provides a larger audience and exit strategy.
Rising Property Prices Around Al Maktoum International
Both Kelly and Al Kindi expect property prices to rise steadily given the continuous development and improvements coming to Dubai South. Kelly foresees a significant uptick in market activity around the airport. The forecasted population growth to 1 million will also lift prices, according to Al Kindi.
Dobson said the new airport will also benefit established nearby areas like Discovery Gardens, Dubai Investment Park, and Al Furjan. She predicts new developments along major roads as Dubai World Central becomes central to Dubai’s future. The transformation will reinforce Dubai’s strength as a global hub.
Wrapping Up
Real estate experts are incredibly bullish on Dubai South and surrounding areas as Al Maktoum International Airport expands. They cite strong demand growth for residential and commercial properties, rising prices, and Dubai South developing into a major hub. For investors, it’s an ideal time to target Dubai South real estate before prices increase further. The airport’s development will shape Dubai for decades to come.
