Expo 2020 will provide required impetus to realty
Tourism, hospitality, retail, transportation, and banking are expected to benefit from this event.
Latest edition of the World Expo series, Expo 2020 Dubai, is launched at an impressive ceremony that delivers a very powerful message that the world is open for business. The mega event is expected to welcome around 25 million people throughout its six-month run from around the globe.
The previous editions of the World Expo series have drastically changed things (for the better) for host nations. And the same is forecasted for the UAE. It is said to be the biggest, one-of-its-kind event in the Middle East region as it will host over 190 countries, with every nation having its own pavilion showcasing innovative solutions to deal with the most pressing matters the world is facing.
But more than anything, the much-anticipated event is speculated to turn things around in Dubai as the emirate eyes recovery after the pandemic caused a dent in property transactions and prices.
The signs of recovery are already visible, as the first eight months of 2021 produced better results in comparison to the whole of 2020. As per latest statistics, the property market in Dubai, with 43,299 sales volume worth Dh104.3 billion (as of September 30, 2021), has shown 45 per cent growth as compared to 2020. A total of 35,401 sales transactions valuing Dh71.87 billion were recorded in the preceding year.
According to a representative of Zoom Property, a fast emerging real estate portal in Dubai, “As we are nearing Expo 2020, there is a noted excitement build-up in the market. Both the demand and prices of properties are increasing, particularly in areas closer to the Expo-2020 site”.
This is certainly a welcoming sign for investors and property sellers as the gap between the supply and demand will be narrowed a challenge that Dubai property market has been facing for the last few years.
As Expo 2020 was announced in 2013, many developers announced new projects. Even though the construction was halted due to the pandemic, the one-year delay gave them the time to speed up the completion. And now, visitors can choose from a range of ready properties for rent in Dubai, in areas lying close to the Expo-2020 site. This includes apartments, villas and penthouses for rent.
Growth beyond Dubai
Real estate isn’t the only sector that will be impacted by Expo-2020. Tourism, hospitality, retail, transportation, and banking are other key sectors that are expected to benefit from this event.
As per an estimate, the new Dubai Metro Route 2020 will carry 46,000 visitors per hour to the exhibition site from Dubai Marina. Needless to say, the marquee event is going to cement Dubai’s position as a powerful financial centre in the world, as it will expectedly boost the emirate’s economy by approximately $33.4 billion. Also, up to 30,000 job opportunities will be created.
The expatriate-friendly policies announced by the authorities, including the 100 per cent company ownership and renewable Golden visa, are likely to attract more people in coming times. Earlier this month, the UAE leaders revealed that 50 new projects are in the pipeline, marking the 50th year of the country. And with Expo-2020 around the corner, a lot of new opportunities are on the cards for investors and entrepreneurs in Dubai.
While the six-month event will close its curtains on March 31, 2022, the growth in the emirate will not stop. The Expo site will be converted into District 2020 that will retain at least 80 per cent of the infrastructure. But the purpose will be the same, “Connecting Minds, Creating the Future”.
The writer is a chief executive at Zoom Property. Views expressed are his own and do not reflect the newspaper’s policy.
Dubai property sector gains pace bucking global trends
Emaar teams up with tech leader for 'Smart Home’
Damac chief says Dubai property prices at 'rock bottom'
Dubai property achieves supply-demand balance, prices hit lowest mark, say developers