Expo 2020 will Provide Real Estate the Boost it Needs
This event is intended to help tourism, hospitality, retail, transportation, and banking.
Expo 2020 Dubai, the most recent edition of the Globe Expo series, is inaugurated with a grand ceremony that sends a powerful statement that the world is open for business. Approximately 25 million people from all over the world are anticipated to attend the massive event over the course of its six-month run.
Previous World Expos have radically transformed things (for the better) for host countries. The same is predicted for the United Arab Emirates. It is expected to be the largest, one-of-a-kind event in the Middle East region, with over 190 countries participating, each with its own pavilion displaying innovative solutions to the world's most pressing issues.
But, above all, the much-anticipated event is expected to turn things around in Dubai, which is attempting to rebound from the pandemic's impact on property transactions and prices.
The numbers speak for themselves
Since 2020, the Dubai property market has expanded by 45 percent, with 43,299 sales worth Dh104.3 billion (as of September 30, 2021). A total of 35,401 sales transactions worth Dh71.87 billion were recorded the previous year.
This is a positive sign for investors and property sellers because the supply-demand imbalance will be bridged, which has been a challenge for the Dubai property market in recent years.
Many developers revealed new projects after Expo 2020 was announced in 2013. Despite the fact that building was halted owing to the epidemic, the one-year delay allowed them to complete the project more quickly. Visitors can now choose from a variety of ready-to-rent properties in Dubai, in neighborhoods adjacent to the Expo-2020 site. This category contains rental apartments, villas, and penthouses.
Expo-2020 will have an impact on more than just real estate. Other significant sectors that are projected to profit from this event include tourism, hospitality, retail, transportation, and banking.
According to estimates, the new Dubai Metro Route 2020 will transport 46,000 visitors each hour from Dubai Marina to the show site. Needless to say, the major event will solidify Dubai's position as a global financial powerhouse, with the emirate's GDP anticipated to grow by $33.4 billion as a result. In addition, up to 30,000 new jobs will be generated.
The way forward
The government's expat-friendly policies, such as 100 percent firm ownership and a renewable Golden visa, are expected to attract more people in the future. The UAE's leaders announced earlier this month that 50 new projects are in the works to commemorate the country's 50th anniversary. With Expo-2020 just around the corner, there will be plenty of new chances for investors and businesses in Dubai.
While the six-month event will come to an end on March 31, 2022, the emirate's expansion will continue. The Expo site will be transformed into District 2020, with at least 80% of the infrastructure remains. The mission, however, will remain the same: "Connecting Minds, Creating the Future."
Source: Khaleej Times