New Airport Good News for Ajman Property Investors

[KK]

The first phase of the new, $3.3 billion (USD) Ajman International Airport is scheduled for completion by 2011. The airport is to be built by a Spanish consortium, Groupo Inmobiliario Whitelake and when finished the huge, six million square metre site will include residential and business areas, a free zone and aircraft maintenance facilities.

The airport will be the UAE’s 4th major airport, and when fully operational, is expected to serve 1 million passengers a year, as well as handling over 400,000 tonnes of air cargo.

It is envisaged that the airport will target low-cost carriers which will be welcome news to investors in Ajman property - Real estate located within a 45 minute drive of an airport, typically receive a 20% price uplift whenever budget carriers announce new routes to the destination.

Construction is due to commence by the second half of 2008, and subject to approval from the Federal Aviation Authority. the project will be executed in two phases.