W Capital: Al Maktoum International Airport expansion is reviving real estate demand in Dubai South
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Great residential and hospitality prospects for new projects nearby Al Maktoum Airport, Waleed Al Zarooni
Dubai, United Arab Emirates”: Sunday, April 24, 2023
At a time when the Emirate of Dubai is studying Al Maktoum International Airport expansion , at a cost of Dhs120bn, “W Capital” , the real estate brokerage expected a recovery in real estate demand in the Dubai South region, which occupies a strategic location within the areas likely to grow, especially with the rapid expansion taking place towards Dubai South.
Dubai South is the largest urban real estate development area in Dubai, focusing on providing an integrated system for the aviation and logistics services sector. The district includes Al Maktoum International Airport, which will become the largest airport in the world upon completion, and is enhanced by a multimodal transport infrastructure, linked by air, land and sea gates.
The project is designed to become a global transport hub and a major contributor to economic growth in Dubai in particular and the UAE in general. It also includes a free zone that provides a business and living community, as it provides a diverse mix of homes and apartments that suit different living styles.
“Dubai’s approach of resuming one of its largest construction projects, represented in the expansion of Al Maktoum International Airport, represents a new big impetus expected for the emirate’s economy, and for the real estate sector in particular,” said Walid Al Zarooni, C “W Capital” CEO .” At the same time, Dubai continues to cement its position as a global hub for tourism, business and innovation, as evidenced by the growing number of investors and end-users choosing to buy their homes in this emirate,” he added.
Al Zarooni noted that the areas adjacent to Al Maktoum International Airport in the Dubai South are witnessing a great momentum in construction and urbanization activities, with an increasing demand from real estate developers to launch their residential and commercial projects in the region.
Dubai South is an emerging area of 145 square kilometres, representing a city within the Emirate of Dubai, and is expected to be able to accommodate one million people upon completion. The city was launched in 2006 as an embodiment of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai – may Allah protect him – by highlighting its urban and community elements in full accordance with the “Dubai Plan 2021”.
These elements aim to transform it into a city where happy, creative and empowered residents live, in addition to being a comprehensive and cohesive complex, a preferred place to live, work and invest, a smart and sustainable city, and a major hub in the global economy. The economic platform in Dubai South supports various types of businesses and industries.
Walid Al Zarooni added that Dubai is keen to continuously improve the performance of the air transportation, especially facilitating procedures for tourists to stay in hotels near the airport.
Al Zarooni explained that the biggest motive for building Al Maktoum Airport is the Dubai International Airport maximum capacity, pointing out that the establishment of Al Maktoum Airport is an embodiment of the Dubai government’s vision based on improving and strengthening the tourism sector strategy in the emirate.
Al Maktoum Airport, also known as Dubai World Central, whose development was officially announced in 2014, aims to become the largest airport in the world by 2050, with a capacity of 255 million passengers annually. The initial development phase of the project is scheduled to raise the airport’s capacity to 130 million passengers annually by 2030, in case the same previously announced schedule is adopted.
Al Zarooni expected that the real estate sales of off-plan projects in the Dubai South area will be active, in addition to the acceleration of hotel projects near the airport. The region is witnessing huge land sale deals, on which residential and commercial projects are expected to be established.
“The establishment of a huge infrastructure linking the air, sea and land transportation hubs will enhance the region’s attractiveness to launch many investment initiatives and expand in all commercial sectors, all of which are in favor of residential real estate activity,” Al Zarooni continued. The airport is located near Dubai Expo City, which hosted the organization of the exhibition from October 2021 to March 2022.
“W Capital” CEO explained that the airport development works coincide with the master urban plan for Dubai 2040, which aims to increase the population by 76% to 5.8 million people by 2040, pointing out that the residents are the future customers who constantly feed the real estate demand.
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About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
