How will Dubai Expo 2020 affect real estate market

How will Dubai Expo 2020 affect real estate market

Expos have been a hot destination for people who love innovation, creativity and collaboration for a long time. And since the first world expo was held in London in 1851, the expectations grew highly around what these events can offer to its visitors, and its effect on many sectors in the countries where held and especially economy and tourism.

Back to the present and the nearing of Dubai Expo 2020, the city and the whole world are anticipating the launch of the ambitious event held under the theme of 'Connecting Minds, Creating the Future'. Here is all that you need to know ahead of launching, and its impact on the economy!

The Location

Dubai South is, one of Dubai’s landmarks is where the Expo2020 will take place. This area is close to Al Maktoum International Airport and is being set with Dubai Metro Route 2020, which is expected to transport 46 thousand passengers to and from the Expo site per hour.

District 2020 will be the home of the expo, boasting over 200,000 sqm of residential and commercial spaces, while hosting many educational, cultural and entertainment facilities. Al Wasl Plaza will be the in the heart of the District, and will hold the opening and closing ceremonies and will also be equipped with a giant dome that will serve as a 360-degree screen at night!

Last month, the media were given a first glimpse around the site and it was nothing short of exciting, with preparations taking place as the date is getting closer!


The legacy

The Expo site will serve the UAE beyond the event. 80% of the facilities will be used in the legacy phase. The main areas in the site will be turned into interactive work environments that host different companies and cultural and social institutions. The same applies to the three main pavilions. This step comes as Dubai is preparing to flourish beyond the conclusion of the Expo!

How will Dubai Expo2020 affect the real estate market?

To begin with, it is expected that Dubai Expo 2020 will affect the whole economy, contributing around 122 billion AED to the economy! Not to forget the job opportunities it will generate, which are estimated to be near 50,000 opportunities annually.

This huge shift will affect the real estate market. The demand for rented apartments will increase, as visitors from 190 countries will be visiting the country during the expo, in addition to those who will benefit from the created jobs and will need homes. On a bit longer term, this economic boom draws investors as well, with real estate known to be one of the most stable and contributing sectors in Dubai’s economy. Also, the introduction of reforms regarding foreign ownership and visas creates a stronger atmosphere for investors to choose Dubai as their destination.

So, with all the positives that Dubai Expo 2020 is promising, it’s safe to predict a notable impact on the real estate market in Dubai and a rise in the prices of properties in Dubai. Residential projects will be developed furthermore, backed by the demand from a booming economy and strong tourism. And with 2019 reaching its conclusion, future owners and investors should grab the opportunity and brace themselves for the future!

© Copyright 2024, Lavista Real Estate Brokers - All Rights Reserved. Powered By PLAN A Agency | Privacy Policy