Dubai Expo 2020 -What will be the impact on Dubai’s Real Estate Market?
The countdown is on and the city is getting ready for the most prestigious event both in the UAE and globally, but as a real estate marketer what can we expect from Expo 2020? Don’t worry! Here is everything you need to know about this event.
What is the World Expo?
An Expo is an event that is dedicated to finding solutions to fundamental challenges that the world is currently facing. This enormous event is organized by governments and will bring together countries and international organizations from all over the world. These major public events are unparalleled in their ability to gather millions of visitors, create new dynamics change in their hosting cities. With Expo 2020 being held in Dubai, it is expected that this event will attract 25 million unique visitors from 180 nations and up to 33 million visitors over the 6 months period the event will be held on. It is important to note that a large number of these visitors will eventually settle in the city even after the event is completed as new companies and opportunities will emerge here.
Who is taking part?
Over 190 countries confirmed there attention in Expo 2020 Dubai, making it the most inclusive Expo ever to be organized.
When is the event?
There are only a few months left until tickets for Expo 2020 kicks off, this well-awaited event will start on 20 October 2020 and end on 10 April 2021 lasting for 173 days, with pavilions open and entertainment programs between 10 am and 1 am on weekdays, and 10 am to 2 am on weekends.
Where will Expo 2020 take place?
Expo 2020 will be in Dubai South District, near Al Maktoum International Airport. A great location that is in proximity to Dubai’s city center. There will be a lot of transports dedicated to this event including a metro station that is being built that can handle up to 44,000 passengers per hour.
How will the Expo 2020 affect Dubai?
The 2020 World Expo is expected to be one of the largest events of its kind ever seen in the Arab world, with over 190 nations taking part, including the US, UK, Germany, France, Brazil and Nigeria, and is set to boost the UAE’s global recognition, encourage economic and cultural growth and, as promised by experts, leave a long-term legacy.
Around 25 million visitors are estimated to attend Expo 2020 during its time, which will definitely cause a huge economic boost. It was even estimated that straight after the successful bid, there was a 4% increase in the country’s stock market, the first of its kind for the last few years.
Clearly the city will capture the world’s attention even before the event. Around 275,000 new jobs will be created and there will be a significant increase in the demand of all key sectors including real estate, tourism, retail, technology, healthcare, education and many more.
What will the impact be on Dubai’s Real Estate Market?
The Expo project will boost the real estate sector in Dubai. Offplan sales in key locations such as Dubai South which is where the event will located saw an increase of up to 285% compared with the last year.
This huge number of visitors will create a huge for the economy, most specifically in the Dubai real estate market. The rental demand will increase during the Expo 2020. Indeed before the event starts is the best time to invest in the property market in Dubai and with this vision slowly turning into a reality, landlords are seeing a strong market for the upcoming years.
What will be the Dubai property market look like after Expo 2020?
Predicting how the market will look like Expo 2020 isn’t easy. However, from the stats and also the information we tend to do have concerning this market, property provide and also the plans post the event, we will notice a great deal of actions being taken so as for the event to own most economic impact however avoid any withdrawal symptoms when most of the guests head back to their home countries.
One of the initiatives done by the government which we believe will have a huge impact on the post Expo 2020 real estate market is the new visa rules, the new visa rules include 10 year residency visa and permanent residency, which will make it easier for those who see Dubai as a world hub to settle and become contributors to the city’s real estate market stabilizing the market prices.
How can you get involved in the event?
There are many ways within which you’ll contribute to creating this event in whether or not you’re a neighborhood or associate degree expat. However, it’ll be the largest contributor to the event because it is calculable that around 30,000 individuals can volunteer, serving to the event become in. instead, you’ll apply as a business, official participant or maybe simply realize an appropriate job within the events official jobs portal.
I hope this short guide on Expo 2020 was helpful if interested to learn more about investing in Dubai’s real estate market to take full advantage of this once in a lifetime event, feel free to get in touch with one of our real estate experts to get a free real estate consultation.
RESOURCES: Gulf News
