Urban development, created around the Dubai International Al Maktoum Airport is about to become one of the most important residential and infrastructure projects in the world, Knight Frank consultancy said in its recent report.
Global Cities research by Knight Frank has put Dubai among top five most important urban development projects for real estate investments in the world. Knight Frank report says that the world needs to build at least five cities equal to the size of Los Angeles annually before 2020, in order to provide housing for the Earth’s growing population, as in the next five years, according to forecasts, world population will increase by 380 million people.
“The development potential of this rapid urbanisation is huge, offering considerable opportunities to firms and investors that operate globally,” said John Snow, Knight Frank’s head of commercial property.
Dubai South (former Dubai World Central) is a typical example of a rapid and promising development of the residential real estate sector in Dubai. The total cost of the project amounts to almost USD 7 billion, and by 2019 it is planned to handover 6,000 new houses there. Project’s first phase will include a complex of high-rise apartment buildings and also villas clusters.
“The free zone is in a strong position to appeal to firms looking for international reach: a four-hour plane ride from Dubai allows access to a third of the world’s population and an eight hour flight to two-thirds. This wave of mega-infrastructure projects should guarantee Dubai’s reputation as a global centre over the next decade, with Dubai South as a cornerstone,” Snow added.