Airspace Real Estate will become a fast-growing property industry in Sydney due to several reasons:
Increasing urbanization: With growing urbanization, the demand for housing and commercial space is increasing. As a result, developers are looking to maximize the use of existing land by developing airspace above existing buildings.
Limited available land: Sydney is a geographically constrained city with limited available land for development. Airspace development allows developers to increase density without needing additional land, making it an attractive option for developers.
Changing regulations: Regulations around airspace development have become more favourable in recent years, making it easier and more financially viable to undertake airspace development projects.
High property prices: Sydney has some of the highest property prices in the world, and as a result, developers are seeking innovative ways to maximize their returns on investment. Airspace development allows developers to generate additional revenue streams without significant additional investment.
Innovative design and technology: With technological advances and innovative design, airspace developments can offer unique and modern living and working spaces attractive to buyers and tenants.
Overall, the combination of limited available land, changing regulations, and high property prices has made Sydney's airspace development an attractive and fast-growing property industry. As demand for housing and commercial space continues to increase, the trend towards airspace development will likely continue to grow.