The Expo 2020 and future of Dubai’s Real estate market
20th October 2020, that is the date everyone is looking forward to. But before we discuss what to expect, let us first understand, what is an Expo?
An Expo is a destination for people all across the globe to share their ideas, showcase innovation and celebrate human excellence. They are held every 5 years and usually last for a period of 6 months. The first World Expo was held at London’s Crystal palace in the year 1851 where about 10000 invention from the industrial revolution were displayed. We have been introduced to some of the most amazing inventions at these Expos like the telegraph, the typewriter, the diesel engine, colour TV and many more. At the most recent Expo held in Milan in 2015 we were amazed by the solar tress and energy saving elevators.
The Location of Expos 2020 in Dubai is known as Dubai South, an area close to the Al Maktoum International airport. The theme of the Expo is “Connecting Minds, Connecting Future”.
So, what do we have to look forward to?
Here are some of the possible impacts of The Expo:
- Expected to boost Dubai’s economy by a staggering $23 billion and create around 500,000 jobs.
- According to Bank of America’s Merrill Lynch, it will boost the GDP by 2 percent in the first year itself
- Around 35 million people are expected to visit the Expo, providing the much-needed boost to the city’s tourism, hospitality and real estate sectors.
The Expo 2020 will commence a knowledge economy in Dubai, making it a destination that attracts visitors, students and companies from varied sectors. There has already been an increase investment in off-plan sales and the official is expected to be a home to about a million residents and create half as many jobs.
The Real estate sector is gaining momentum as the Expo 2020 nears. The numbers of cranes and workers in the city is increasing day by day indicating how well this sector is booming and opens up opportunities to invest in Dubai. 71 percent i.e. about 25 million of the visitors of expo 2020 will be from outside the country and a number of projects are being developed to accommodate them. You can post an inquiry now for free now about the hottest location to invest right now. The Expo 2020 is boosting the real estate in the following ways:
- Every year Dubai is awarding a number of Real estate projects which are now accelerating towards completion. These includes Dubai Water Canal, numerous theme parks and the Museum of the Future.
- It is set on attract huge FDI’s especially is the Real Estate and hospitality sectors. ‘Dubai attracts Dhs38.5 billion worth of FDI in 2018’.
- The increased jobs will lead to an increase in demand for housing projects thus positively impacting it.
- According to STR, a market research firm around 99 hotels are being constructed which is the highest in the MENA region.
Added to this ‘Property prices are stabilising in Dubai expat hotspots’ during Q1 of 2019. Apart from this Dubai Marina, Downtown Dubai, Palm Jumeriah, Dubai Water Canal remain the hottest destinations for real estate investments. Check out other popular areashere.
Written by Propertyeportal media team.