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Property investors are increasingly targeting communities in some parts of Jebel Ali and neighbouring developments amid plans to move the operations of Dubai International Airport (DXB) to Al Maktoum International, according to a new analysis.
The “new areas in focus” among those looking to own residential units now include Dubai South and other neighbourhoods like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Al Furjan, PropertyFinder noted in a new report released on Wednesday.
“Following the recent announcement regarding the shift of airport operations, searches regarding areas to own villas showed a significant uptick for interest towards Dubai South (Dubai World Central),” the real estate platform said.
Late last month, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced that all operations at DXB will be transferred to Al Maktoum International Airport “in the coming years.”
He confirmed that the designs for the new passenger terminals at Al Maktoum have been approved. The facility will be five times the size of DXB, currently the world’s busiest aviation hub for international traffic.
The Dubai ruler noted that property demand in the area is expected to increase. “As we build an entire city around the airport in Dubai South, demand for housing for a million people will follow,” the ruler said.
The market is expected to remain “dynamic” as a result of the airport project, according to Cherif Sleiman, Chief Revenue Officer at PropertyFinder.
“We expect the market will remain dynamic following announcements, such as the shift of operations from Dubai International Airport to Al Maktoum International Airport, sparking renewed demand across developing areas.”
While new areas are now gaining interest, the traditional favourites like Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah “remained of interest” for potential apartment buyers, PropertyFinder added.
In April 2024, the Dubai real estate market saw a year-on-year increase of more than 45% in sales transactions, 11,607 as compared to 7,999 in April 2023, the portal said.
Further adding to the growth in the first quarter of the year, the value of transactions also posted a significant upswing, reaching almost AED 32 billion and marking an increase of more than 21% compared to the same month in 2023.
(Writing by Cleofe Maceda; editing by Seban Scaria)
