Al Maktoum Airport is helping the Dubai property market to reach new heights.
It is estimated that 87 million passengers and 1.81 million tons of cargo passed through Dubai International last year.
This is going to be surpassed when the airport expansion is completed.
When the first phase of Al Maktoum International Airport’s expansion launches in 2034, officials estimate that the airport will be able to handle as many as 150 million passengers per year.
The enormous project will enable the airport to surpass and eventually replace the existing Dubai International Airport, currently the busiest in the world for international traffic – a very impressive feat it has held for ten years.
Property prices
So why is this launching the Dubai property market skywards already?
The airport’s expansion will encourage many infrastructural developments in its vicinity.
This will then lead to increased interest from real estate developers and investors, thus contributing to the transformation of the surrounding residential landscape.
An increase in staff to service the airport will also mean added pressure on the residential sector.
Demand
The expansion of the airport will increase the number of tourists, visitors and professionals. As a result, apartments and villas in the area will become more attractive to investors and potential residents.
Infrastructure
Improved transportation networks, retail and commercial space plus public amenities will develop to service the increase in footfall.
It is expected that the desirability of living in these areas will increase, thus driving up property prices. Luxury developments near the airport could see high-net-worth individuals, with multiple properties across the world, appreciate the proximity to the airport.
Mixed-use and high-end residential communities
Reputable developers in the area already are Majid Al Futtaim’s Tilal al Ghaf and Emaar’s Oasis project, both of which are successfully sold-out villa communities, surrounding manmade crystal lagoons, and attracting end users and investors alike to the previously unused land surrounding the airport.
Investors
Property investors are never slow on the uptake when it comes to new areas of potential. Developing property now, to meet the expected demand in future years, is a chance many real estate moguls would take.
General increase
As the area near the airport is already seeing major developments and communities springing up, the question is whether investors have already missed the boat or plane in this case.
All these signals point to a vibrant real estate market in Dubai – especially the areas surrounding the airport.
The passenger increase is likely to exponentially rise with property prices. Expect the landing conditions on the ground to be red-hot and we don’t mean the weather.
“We are building a new project for future generations, ensuring continuous and stable development for generations to come. Dubai will be the world’s airport, its port, its urban hub, and its new global center.”
Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s Ruler
