If you have landed on this page, then it means that you are probably here to find the impact of Expo 2020 on the Dubai Property Market. Countless factors can influence the price of the property. With Expo 2020 around the corner, people are wondering what impact it will cast on the price of the property. Since the event is announced, there has been an increase in the prices of apartments for rent, commercial and residential development at the site. Many projects such as luxury housing, shopping centers, over 400 restaurants, and hotels are expected to be completed before the highly anticipated occasion.
Expo 2020 is the talk of the century around the globe. World Expos tend to impact the host city in the long run in many ways. When it comes to Dubai it is interesting to inquire about the changes that are bound to happen post-event. The theme of Expo 2020 centers around, “Connecting Minds, Creating the Future.” It is said to be, “the largest event ever stage in the Arab world.” The government announces hosting 190 countries and millions of visitors from around the world in the Emirate for Expo 2020 Dubai. This mega event lasted for 173 days and was anticipated to provide a total business of 122.6 billion approximately. The main part of the expo was to highlight the importance of investment in property in Dubai. Well-known business analysts like HSBS and Morgan Stanley state that this is high time for investing in Dubai Real Estate Market.
Change in Economy
After 2020, Dubai’s economy is expected to be technology-based, rather than oil-based
Ernst & Young reports that the event can boost Dubai’s economy by $33B approximately.
Challenges post COVID-19
Despite some recent challenges post-pandemic, 74% of respondents are expecting a recovery in the MENA region’s real estate industry – a UAE & MENA Real Estate Report.
As Expo 2020 commences, below are some reasons as to why Dubai is the hot place to invest in, in 2020.
Investment in Dubai Real Estate Market
Dubai is the most diverse planet to invest in real estate on the planet. Therefore, you can invest your hard-earned cash in Dubai both for Dubai rental sector and residence purposes. Many builders came up with a variety of investment plans to help you conserve finances.
Impact on Apartments for Rent
In Dubai, construction has grown over the past 2 years, all thanks to Expo 2020.
Approximately, more than 40% UAE based projects are located in Dubai
This is high time when an ultimate growth in investment in new infrastructures is expected.
On contrary to high investments and increased rates of property, the prices of apartments for rent in Dubai are expected to experience a downtrend during Expo 2020. This downfall remained the same till 2021.
After the event, the prices of property are expected to stabilize and be constant. The reason being potential short-term visitors who can turn into residents in the longer run.
After Expo 2020, the construction will continue to rise. The Expo site would be transformed into “District 2020”, not leaving it to waste. After this event concludes, District 2020 will reopen in October 2021.
Best for a Long-term Investment
There are a bunch of opportunities for investors beyond 2020. Such people who are willing to hold their property beyond 2020 are expected to benefit from it They can cash in this opportunity by investing in apartments for rent. They can buy the property and lease it out to other tenants.
Most Flexible Payment Options
The Emirate has poured home buyers with alluring offers to help them make the best financial decision that ensures self-assurance.
As the prices for smaller apartments for rent in Dubai are forecasted to increase, they are easier to be rented out easily.
As time progresses, developers need to understand the ever-changing demands of potential prospects/investors. Especially with Expo 2020 around the corner, it is expected that Dubai will open its doors for hundreds of new businesses eventually offering Value for money. This will attract buyers and thus Commercial developers would be expected to offer flexible areas to such investors. As per the latest Real Estate News, Rahman is quite confident that this event will spur further development. It will encourage new business in Dubai.