Dubai South has experienced a significant uptick in demand, as evidenced by an 11% rise in residential property transactions
There is no slowing down for the Dubai real estate sector, which continues its historic performance by recording the highest half-year sales ever in the first six months of 2024. This remarkable achievement underscores the emirate’s attractiveness as a global destination for real estate investment.
As the government intensifies its efforts to position Dubai as a top investment hub, the Executive Council has approved a $6.8 billion FDI program to attract $176.96 billion by 2033. This initiative is set to position Dubai among the world’s top three urban economies by 2033, reflecting the emirate’s boundless ambition and potential for further economic growth.
Leading up to 2023, Dubai South has seen a significant surge in demand, with a notable 11% increase in residential property transactions compared to the previous year. This growth underscores Dubai South’s unique position as a key player in Dubai’s real estate sector, bolstered by its distinctive features and strategic alignment with the Dubai Urban Plan 2040. Real estate investments make up 70% of the overall investments at Dubai South, and we are proud to launch strategic and well-studied projects that cater to the needs and preferences of investors and end users.
Meanwhile, after the recent announcement of Al Maktoum International Airport’s passenger terminals in April, the airport is undoubtedly poised to become a critical factor in Dubai’s economic development. It will increase investments, create new job opportunities, and stimulate various economic sectors. At Dubai South, we understand our immense responsibility towards the government’s goal of attracting one million residents to Dubai South once the airport is complete. We are pleased to see the massive demand for properties within Dubai South, recently witnessing a 20-30% price increase.
Our commitment to Dubai South doesn’t stop here. We have been continuously upgrading The Residential District, home to over 25,000 people who enjoy its distinctive lifestyle, variety of amenities, and several gated residential communities with apartments and townhouses. We have been enhancing the district with amenities for the comfort and convenience of its residents, such as public parks, sports courts, retail shops, a 50,000-square-foot hypermarket, a mosque, and a petrol station. A GEMS Founders School at Dubai South has commenced student enrollments for 2024-2025, subject to KHDA approvals. The RTA public bus network also serves the area with easy connectivity to the Expo metro station.
This underscores our initial plans for the master development and how the integrated ecosystem of Dubai South will benefit both residents and businesses. With our state-of-the-art infrastructure, range of services, and, most importantly, our strategic location, we are well-positioned to capitalize on the neighbouring Al Maktoum International Airport. Looking ahead, we are on track to complete and deliver approximately 2,500 units by 2025, with other developers at Dubai South expected to add around 5,500 units to the market.
As HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn. Dubai will be the world’s airport, its port, its urban hub, and its new global centre.” At Dubai South, our mandate is aligned with His Highness’ vision and we are fully committed to contribute in positioning Dubai as the world’s greatest city.