While many investors have chosen to postpone sales for the time being, many more are demanding higher prices than they previously paid for the properties they are selling in Dubai South and the surrounding area. Reason: The declaration of the airport’s transfer from Dubai Airport (DXB) to Dubai South.
Industry insiders claim that many sellers have increased the price of their properties by 25% since the Dubai government announced the Al Maktoum International in Dubai South.
“I was negotiating with an investor to pay Dh1.6 million for a three-bedroom property in Dubai South. However, he increased the price to Dh1.8 million and then Dh2 million after the airport made its announcement. Investors in Dubai South and the surrounding areas who had listed their properties for sale are now reconsidering. Naren Vish, who has been trying to purchase a home in the area, stated that they are holding their assets in the hopes of future appreciation.
According to Vish, more than 70% of Dubai South’s available space is already occupied. “Getting 2-3 bed units on lower floors is quite difficult, and as airport development gets underway and more people move to this area, this occupancy level is going to increase,” said Naren Vish.
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