W Capital, a leading Dubai real estate brokerage, stated that the expansion of Al Maktoum International Airport, the largest in the world, will drive and boost the Dubai real estate sector in general in the near future by enhancing demand for all types of real estate in the Dubai South area in the long term, which will attract increased interest due to its proximity to the airport.
“The new project, which costs Dh128 billon, is a major economic leap towards the future, and reflects the sustainable development efforts pursued by the emirate in accordance with the creative and forward-looking vision of the wise leadership set for the fifty years. It will keep pace with all regional and global developments,” said Walid Al Zarooni, W Capital CEO.
He added that this huge project will have a positive impact on Dubai’s economy during its implementation and will stimulate the Dubai real estate and construction sectors. This impact will increase when the project is completed and the targeted capacity of 260 million passengers is reached.
The airport is a strong addition to the local economy and will support economic growth as a whole while achieving the airport’s goals, in addition to its positive role in stimulating the sectors of construction, tourism, travel, transportation, real estate, logistics services, retail, export, import and communications, creating opportunities for national companies with thousands of job opportunities, and attracting FDI to participate in the project.
Al Zarooni stressed that the real estate sector will be the most prominent beneficiaries of the airport project, as it enhances the transportation infrastructure in this region, and it will require providing housing and accommodation services for expatriates and travelers, whose number will exceed a quarter of a billion passengers annually.
The CEO said that this will push real estate companies to increase new projects in the Dubai South region, and the opportunities will be attractive for foreign investments in real estate. ““Dubai South provides attractive real estate opportunities at attractive prices, as the project contributes to stimulating sales of real estate of various categories, whether residential units, villas, townhouses, or commercial stores, especially off-plan sales to benefit from lower prices now, because it is expected to rebound with the completion of the project amid high expectations of strong demand for the region,” he added.
Al Zarooni stated that the project boost Dubai’s position regionally and globally as the best environment for investment with the continued development of infrastructure, the adoption of wise leadership for mega projects to be the basis for growth in all fields, overcoming obstacles to investors, providing logistics and transportation services to launch businesses in these areas, and easy access to all markets.
“A project of this magnitude draws attention to the city of Dubai South, which is an emerging district with an area of 145 square kilometers, and represents a city within the Emirate of Dubai, expected to be able to accommodate one million people when completed,” Al Zarooni said.
Dubai South was launched in 2006 as an embodiment of the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai by highlighting its urban and community elements in full accordance with the “Dubai Plan 2021”.
Dubai South is the largest urban real estate development project in Dubai, as it focuses on providing an integrated system for the aviation and logistics services sector. The project is designed to become a global transportation hub and a major contributor to achieving economic growth in Dubai in particular and the UAE in general. It also includes a free zone that provides a conducive environment for business and living, as it provides a diverse mix of homes and residential apartments that suit different living styles.
Al Zarooni explained that, through this new airport, Dubai is looking forward to maintaining its global leadership in the international aviation sector during the next four decades, by launching new strategic projects to consolidate its leading position, including certainly this huge project, as the new airport is estimated to represent five times the capacity of the current Dubai International Airport, and all operations of Dubai International Airport will be transferred to it in the coming years.
“Banking on the multiple advantages of the Al Maktoum Airport project, investors should make decisions as soon as possible to buy a property in this area, because any delay means losing gains in a pristine area that still has a lot to achieve in terms of price jumps in the real estate sector, so it is important to snatch opportunities. Brokerages will be pleased to offer their experience and services to help people identify the best projects out there,” Al Zarooni concluded.