Reshaping the landscape of Dubai Al Maktoum Airport is projecting its impact on Dubai real estate with all its potential. It is also anticipated that the country’s real estate fabric will completely be changed with the development of the Airport. This also means that the neighbourhood and the area in close vicinity including property prices of Sharjah and Abu Dhabi real estate will also go through massive change. Let’s evaluate what changes are knocking, on the doors of Sharjah real estate to understand the long-lasting and vast effects of the Al Maktoum Airport.
Overview of Residential Prices in Sharjah
According to the Sahrjah Real Estate Registration Department data, Sahrjah real estate is performing exceptionally well. The data insights sourced from a reputable source revealed the massive 23,478 transactions in Q1 2024, representing a clear increase of 9.3%.
Enjoying being the third largest real estate in the United Arab Emirates Sharjah is more traditional than Dubai. Besides this difference, Sharjah enjoys a lot of attention due to its exclusive housing projects and closure to traditions.
- The average price of the property in Sharjah is AED 601K reaching AED 1.01M.
- The apartment rent in 2023 was AED 21K.
- The highest Return on Investment recorded was 6.02% in Al Majaz.
The development of Al Maktoum Airport is exceptionally different and is forecasted to influence the nearby neighbourhoods. Let’s evaluate the development of Al Maktoum Airport.
Development of Al Maktoum Airport
The development of Al Maktoum Airport is ready to change the fabric of real estate with a staggering amount of AED 128 billion. This development is forecasted to positively influence tourism and connect millions of people.
Al Maktoum Airport development is actually in the Dubai South, and according to the real estate experts property prices will surely be upgraded. As one of the experts said:
“We can expect infrastructure improvements to fuel demand for both residential and commercial properties in Dubai as a whole, driving substantial appreciation in property values in societies with easy access to the new airport terminals,”
Only in the past 12 months, the area has observed the unimaginable and unexpected growth of the sales volume by 30% and massive transaction sales value appreciation by 40%.
Benefits Al-Maktoum Airport Projects on property prices in Sharjah
The development of Al Maktoum airport will positively impact property in Sharjah, projecting a progressive influence
As mentioned earlier Sharjah real estate is already facing a boost, and the exclusive connectivity due to the Al Maktoum airport benefits from this. the airport expansion and the enhanced connectivity will lead to this property price increase.
Property Demand Surge
There are various plus points Sharjah real estate enjoys that attract buyers towards affordable property. The speedy infrastructural developments of Al Maktoum Airport will increase the demand for affordable properties in Sharjah.
Commenting on the effect of Al Maktoum airport development on property prices in Sharjah, one of the CEO of a real estate agency said:
“This could lead to a rise in property values and rental rates in key residential areas of Sharjah”
Energizing Aviation Sector
Another major benefit the Al Maktoum Airport development will offer to Sharjah real estate is in terms of aviation jobs. Airports are the heartbeat of cities like Dubai and Sharjah, these developments act as a centre for finance and aviation.
As property sales in Sharjah are experiencing a hike in price due to this airport, aviation jobs are also increasing tremendously.
Stimulate Economic Growth
Improving economic growth is another major benefit that Sharjah will gain. With the boost to economy the Property prices in Sharjah will also increase. This is because the Dubai project is beneficial for Sharjah and will influence the lives of residents by making it more liveable.
Attract Investment
Another positive impact Sharjah real estate will gain is attracting local and foreign investment. This investment is highly beneficial for the real estate development and for the speedy infrastructural advancements. This will also boost the demand for luxury apartments and will increase their prices.
Conclusion
Various factors determine property prices in Sharjah. But the major driver of this price feature in Sharjah these days is the development of Al Maktoum Airport. According to the insights from authorities of Sharjah real estate the real estate market is already performing exceptionally well, leading to the high property demand. Additionally, the development of Al Maktoum Airport and the connectivity offered to the people are Sharjah’s acting as major driving forces for the property price increase. Besides, the stimulation of the economy, higher jobs in aviation, better connectivity and attracting large investments are among the major benefits of the development of Al Maktoum airport.
