Real estate investors are increasingly turning their attention to neighborhoods in specific areas of Jebel Ali and nearby developments following the relocation of airport operations to Al Maktoum International.
PropertyFinder, in a report released on Wednesday, highlighted Dubai South and other areas like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Al Furjan as the “new areas of focus” for residential unit buyers.
The recent announcement of the transition of airport operations prompted a significant surge in interest towards Dubai South (Dubai World Central) for villa ownership searches, according to the real estate platform.
In late last month’s declaration by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, approval was granted for the designs of the new passenger terminals at Al Maktoum, which will be five times larger than DXB, currently the world’s busiest aviation hub for international travel.
The Dubai ruler emphasized that demand for housing in the area is expected to rise as an entire city is built around the airport in Dubai South, catering to a million people.
PropertyFinder’s Chief Revenue Officer, Cherif Sleiman, anticipates that the market will maintain its dynamism following announcements such as the relocation of operations from Dubai International Airport to Al Maktoum International Airport, stimulating renewed demand in developing areas.
While there is growing interest in new areas, traditional favorites like Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah continue to retain their appeal to prospective apartment buyers, according to PropertyFinder.
The Dubai real estate market witnessed a year-over-year increase of over 45% in sales transactions in April 2024, rising from 7,999 in April 2023 to 11,607 in April 2024, PropertyFinder reported.
The value of transactions also experienced a notable uptick in the first quarter of this year, reaching nearly AED 32 billion, representing a more than 21% increase compared to the corresponding month of 2023.
Source : Propertynews.ae
