Key Locations Set for Growth
Impact of the Dh128 Billion Al Maktoum International Airport Project
Dubai: The Dh128 billion Al Maktoum International Airport project is poised to significantly influence Dubai’s real estate market, particularly within a 20-kilometer radius of the new airport.
“Dubai South and Expo City will experience immediate benefits, with even slightly more distant areas feeling the effects,” noted Vijay Doshi, Managing Director of Vincitore Realty. “Available land within this radius will be in high demand once it hits the market.”
The ambitious project, announced in late April, aims to accommodate 260 million passengers annually, making it the world’s largest airport upon completion of its first phase, expected to take 10 years.
Real estate activity around the airport site is already intensifying, with off-plan projects in Dubai South and Expo City attracting investors. Expo City offers Sky Residences and payment plans up to eight years, starting at Dh1.8 million.
Attracting Investor Interest
Simon Townsend, CEO of Avison Young, highlighted other potential beneficiaries: “Palm Jebel Ali and surrounding areas, along with lands near Dubai Parks, will benefit from enhanced connectivity through this aviation hub. Coastal developments like Al Jurf and Ghantout will also profit from the master plan.”
He added, “The corridor from the Expo site to the coast and toward the Abu Dhabi border will witness significant growth.”
Regional Opportunities
The expansion of Dubai’s airport, coupled with Abu Dhabi’s new terminal growth, strengthens the corridor between these aviation hubs, creating new opportunities for projects benefiting from increased air connectivity.
Dubai South Development
Dubai South has expanded its residential, commercial, and office options over the past decade. With the airport project announcement, the area anticipates further growth.
Property and rental values in Dubai South have surged over the last 12 months. Rental options range from Dh50,000 annually for furnished studios to Dh100,000 for three-bedroom units.
Doshi emphasized, “The next 2-3 months are pivotal as the airport announcement influences real estate activity. Opportunities exist to develop mid-segment serviced apartments to cater to the airport project’s workforce.”