The main reasons for the rise in demand were decreased property rates, economic policies, visa reforms, a steady property outlook, and effective pandemic strategies.
Dubai has opened its doors in all its splendor, and visitors have begun to arrive from all corners of the globe. As a result, there is a greater demand for ready-to-move-in apartments in the emirate.
According to reports from many Dubai property portals, available properties in several communities were fully or partially booked even before the event began on October 1.
The Expo, according to Georges El Hachem, commercial director of Select Group, will provide visitors with a fantastic opportunity to sample Dubai's inventive and forward-thinking nature.
According to Dubai's real estate director, the city's ready-to-move market is attracting a lot of attention from investors and property owners. "The city is already a must-see tourist destination and is establishing itself as one of the region's most important business hubs," he said.
The property market in Dubai is on the mend, and the pace of recovery will be hastened by Expo 2020. Emiratis on long-term, renewable visas are taking advantage of the situation. The relatively modest property prices in Dubai provide them with a lucrative opportunity to earn a significant return on investment.
The main reason for the increasing demand is …
While Expo 2020 is often seen as the primary driver of increased demand for ready-to-move-in properties, numerous other variables have also influenced the shift in the demand curve.
For starters, the emirate's prompt deployment of successful solutions to deal with the global epidemic played a significant role in attracting foreign investors. It also aided in the creation of a stable property perspective by allowing new investors to enter the market.
Authorities' recent visa reforms, which included the introduction of renewable, 10-year golden visas, have also boosted property activity. Apart from that, expat-friendly policies such as 100% business ownership are thought to have influenced demand for real estate in Dubai.
Finally, foreign investors are drawn to the city because of its lower property prices when compared to other international cities such as the major US, Chinese, and UK cities.
The key reason for the increasing demand for ready properties in the last two quarters is an investor and end-user confidence in the UAE as a long-term base. The increased need for larger accommodations as a result of the work-from-home lifestyle has also contributed to an increase in demand for ready-to-move-in residences.
SOURCE: Khaleej Times