Dubai’s ambitious plans to construct a new passenger terminal at Al Maktoum International Airport are poised to ignite demand for both residential and commercial properties in Dubai South and its neighboring areas, as highlighted by analysts and property experts.
Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, unveiled the emirate’s intention to build a groundbreaking terminal at Al Maktoum Airport, earmarked with a substantial investment of Dh128 billion ($34.8 billion) to elevate its capacity to a staggering 260 million passengers.
Once finalized, the airport will boast “the world’s largest capacity,” towering over the current Dubai International Airport, which presently leads the global charts for international passenger traffic, as announced by Sheikh Mohammed.
This strategic initiative is anticipated to inject fresh dynamism into Dubai South, Expo City Dubai, and the surrounding regions, propelling growth across residential, commercial, hospitality, and industrial sectors, according to Prathyusha Gurrapu, Head of Research and Consulting at Cushman & Wakefield Core.
“With plans for an entire city to emerge around the airport within the next decade, demand for housing to accommodate one million residents is forecasted to surge, providing a robust foundation for the city’s expansion,”
The initial phase of the airport endeavor is slated to be completed within a decade, with a projected capacity to serve 150 million passengers annually.
Moreover, the airport will be seamlessly connected with public transportation options, including metro, bus, and city air transport services. It is also designed to handle a staggering 12 million tonnes of cargo per year, with logistics and air transport entities poised to establish their presence within this monumental project.