Aviation hub status driving Dubai's real estate prices
Dubai's increasing popularity as an aviation hub has had a knock-on effect on property prices, UK-based consultancy Knight Frank claims in its Global Cities 2015 report.
International real estate consultancy Cluttons has also stated that the emirate's real estate sector is expected to emerge as one of the principal beneficiaries of the recently approved extensive development of Al Maktoum International Airport.
"Aviation has historically been a significant contributor to the city's growth. Once again, the sector will deliver the next wave of growth for Dubai, well beyond the current horizon of the 2020 Expo, which is already translating into a flurry of construction activity across the city," asserted Faisal Durrani, Cluttons' International Research and Business Development manager.
The $32bn expansion of Al Maktoum International, located in Dubai World Central, which was given the green light earlier this month, is the biggest airport project in the world with construction expected to take between six and eight years, reports Emirates 24/7.
Knight Frank's Global House Price Index revealed in September that Dubai continued to top the annual rankings for the fifth consecutive quarter, recording an annual price growth of 24 per cent in the year to March 2014.
In the six-month period (Q4 2014 to Q2 2014) prices rose by 7.4 per cent, while in the three-month period (Q1 to Q2 2014) prices were up by 3.9 per cent.