Burgeoning aviation growth in Dubai set to boost the Dubai real estate
The growth of the aviation sector in Dubai has not gone unnoticed. So, what does this mean for Dubai real estate?
Undoubtedly it is good news, with significant growth in the number of flight paths and flight services available, will inevitably come a surge in the number of properties necessary to accommodate the increasing number of visitors and workers making their way to Dubai on either short-term engagements, such as holiday-makers, or longer term engagements in the case of employees, professional contractors or expats.
Development of Al Maktoum International Airport Why the surge in aviation? The rapid growth of the aviation sector in Dubai is due, in part, to investment and ambitious commercial development. Not least a massive and eye-wateringly expensive development of the Al Maktoum International Airport in a two-part project, which is already underway. The development of Al Maktoum International Airport is part of a larger project being implemented by Dubai World Central. On completion, the airport will have 5 runways, sufficient to accommodate 12 million tonnes of annual cargo and 160 million passengers. The project will increase the number of people able to access Dubai for work and leisure, but, importantly, it will also supplement the existing logistical infrastructure, improving the quality of life for the thousands of people already living in Dubai. The development itself will generate jobs in the short-term, for which workers will need accommodation during the build. As such, the real estate sector is set to see surges, both longterm and short-term.
Renewed stability in the Dubai real estate sector? The Dubai real estate sector is already acting in anticipation of greater demand for property, by creating a number of new residential and commercial developments. Developers are, nevertheless, cautious, in efforts to avoid a repeat of the 2009 economic recession, which saw projects shelved or, in some cases, abandoned. The development of the Al Maktoum International Airport is allowing for economic inertia to become a thing of the past though, with new projects already underway and some of the previously rejected projects reopened. Aviation and GDP in Dubai Many experts agree that such is the magnitude of the development of the aviation sector on account of the development of Al Maktoum International Airport, the GDP created by the aviation sector in Dubai is set to soar. There is hope that this will create long standing economic stability for Dubai, including a reinvigoration of the property and real estate sector, which has already responded to news of the aviation development with a flurry of investment in property development.
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