The six-month-long mega event, with an anticipated 25 million visitors, is expected to shape up the real estate market in Dubai.
Dubai, September 27th – The start of the marquee event, Expo 2020 Dubai, is just a couple of days away now. The much-awaited and anticipated event is expected to have an impact on many industries in Dubai, particularly the real estate sector. The Dubai property market experienced an unexpected slump last year due to COVID-19. However, signs of recovery started to be apparent during the last quarter, thanks to the timely and effective actions taken by the government.
Real estate experts believe that the market will grow considerably throughout the duration of this exhibition. This is quite evident from the records obtained by Zoom Property insights. These records show that the sales volume and value made this year (up till August 21) have already surpassed the entire 2020. During the previous year, sales volume clocked in at 35,401, with a total value of AED 71.87. On the other hand, the first eight months of the current year saw a major upward trend, as 37,537 sales transactions valuing AED 88.12 billion were recorded. This shows a growth of 22.61% on a year-on-year basis.
Not only this, but the Dubai villa market also showed a record-breaking double-digit growth during the month of August. The apartment market is also performing strongly; however, not at par with the villa market. With Expo-2020 Dubai approaching, it is expected that a higher number of transactions will be recorded in the last quarter of 2021.
As per a representative of Zoom Property, a fast-emerging property portal based in Dubai, “Areas close to Expo 2020 Dubai will particularly have a higher demand. Property prices in these areas are also expected to witness a rise, as visitors from over 190 countries attending this event will prefer staying closer to the site”.
While the ready properties are expected to be high in demand during the six-month Expo period, the primary market will also witness a boom, as they present a lucrative investment opportunity.
Apart from real estate, tourism, hospitality, and retail are other key markets that will benefit massively from Expo 2020 Dubai.
Zoom is a leading property portal based in Dubai with listings for the most sought-after residential and commercial properties in the UAE. Listings for international properties are also available on Zoom Property. Geared with advanced features, the property portal offers a convenient property buying, selling and renting experience to its users.