Post by: Kanchan Chandel
Amid plans to relocate operations from Dubai International Airport (DXB) to Al Maktoum International Airport, property investors are shifting their focus towards communities in Jebel Ali and neighboring developments. A recent analysis reveals a surge in interest among buyers eyeing residential units in areas like Dubai South, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Al Furjan. PropertyFinder's report highlights Dubai South, also known as Dubai World Central, as a particularly attractive investment destination following the announcement of the airport transition.
The decision to transfer all operations from DXB to Al Maktoum International Airport was announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. With designs approved for new passenger terminals, the facility is set to be five times larger than DXB, currently the world's busiest aviation hub for international traffic. Sheikh Mohammed emphasized the anticipated increase in property demand in the area, envisioning a city built around the airport to accommodate up to a million residents.
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Cherif Sleiman, Chief Revenue Officer at PropertyFinder, anticipates a dynamic real estate market driven by the airport project. He notes that the shift of operations to Al Maktoum International Airport is expected to reignite demand in developing areas. While newer locations gain traction, established favorites such as Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah continue to draw interest from potential apartment buyers.
The Dubai real estate market witnessed significant growth in April 2024, with sales transactions soaring by over 45% compared to the previous year. The value of transactions also saw a substantial increase, reaching nearly AED 32 billion in the first quarter of the year, marking a 21% rise from April 2023. This surge in activity underscores the resilience and attractiveness of Dubai's property market, fueled in part by the anticipation of transformative developments such as the relocation of airport operations. As investors seize opportunities in emerging hotspots and traditional hubs alike, Dubai's real estate sector remains poised for continued expansion and prosperity.
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