According to a recent analysis, real estate investors are focusing more on neighborhoods in certain areas of Jebel Ali and nearby developments in light of the airport’s operations being moved to Al Maktoum International.
PropertyFinder stated in a new report published on Wednesday that Dubai South and other neighborhoods like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Al Furjan are now the “new areas in focus” for those seeking to purchase residential units.
“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.
The vice president, prime minister, and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, declared late last month that all DXB operations will move to Al Maktoum International Airport “in the coming years.”
He attested to the approval of the designs for the new passenger terminals at Al Maktoum. The building will be five times larger than DXB, which is presently the busiest aviation hub for international travel worldwide.
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 airport project is expected to keep the market “dynamic,” according to PropertyFinder’s Chief Revenue Officer, Cherif Sleiman.
“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.”
PropertyFinder noted that although there is a growing interest in new areas, traditional favorites such as Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah have not lost their appeal to prospective apartment buyers.
According to the portal, the number of sales transactions in the Dubai real estate market increased by over 45% year over year in April 2024, from 7,999 in April 2023 to 11,607 in April 2024.
In addition to contributing significantly to the growth in the first quarter of this year, the value of transactions saw a notable uptick as well, rising to nearly AED 32 billion, or more than 21% more than in the corresponding month of 2023.