New airport terminal opens in Dubai

News on Dubai

Dubai will increase its airport capacity by 50% when it opens a third terminal later today (14 October).

The new terminal gives Dubai Airports the ability to handle 60 million passengers a year and help boost its status as a hub for trans-continental flights from Europe to Asia, according to Paul Griffiths, Dubai Airports' chief executive officer.

Passenger traffic growth at Dubai continues to be "very strong" even amid the global credit crisis and record fuel prices, he added.

The Dubai airport handled a record 18.5m passengers in Q1 2008, 14 percent more than the year earlier period. Passenger numbers grew 19% in 2007 to 34.3m and traffic in 2008 will be "just short" of 40 million, Griffiths said.

Rising international visitor number is in turn further fuelling demand for properties to both buy and rent in Dubai.

Peter Riddoch, CEO of Damac Properties, says: "Between 6,500 and 9,000 new homes are currently required on a monthly basis, equating to at least 78,000 new dwellings each year. Yet only around 35,000 new homes will be completed and delivered this year, followed by a further 40,000 and 45,000 in 2009 and 2010 respectively, based on current government initiatives."

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Information provided by Homes Overseas | © PropertyIndex.com 2008 | Last Updated: 14 October 2008