Shift in Airport Operations Sparks Surge in Property Interest
A recent analysis reveals heightened interest from real estate investors in specific Jebel Ali neighborhoods and nearby developments following plans to relocate airport operations to Al Maktoum International.
PropertyFinder’s latest report highlights Dubai South, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Al Furjan as emerging hotspots for residential unit purchases. Searches for villa ownership particularly surged for Dubai South (Dubai World Central) post-announcement.
Sheikh Mohammed bin Rashid Al Maktoum’s recent declaration of all DXB operations moving to Al Maktoum International Airport has fueled anticipation. With new passenger terminals five times larger than DXB approved, the ruler forecasts increased property demand, envisioning housing for a million people in the evolving Dubai South.
PropertyFinder’s Chief Revenue Officer, Cherif Sleiman, anticipates a dynamic market, propelled by the airport project’s announcements, leading to renewed demand across developing areas. Despite this, traditional favorites like Dubai Marina and Downtown Dubai maintain their allure for apartment buyers.
April 2024 saw a significant surge in Dubai real estate market transactions, with sales soaring over 45% year-on-year. Transaction values also spiked, reaching nearly AED 32 billion, signaling an over 21% increase from April 2023.