Impact of Expo 2020 on the Real Estate Situation of UAE
Expos are global events committed to finding solutions to the fundamental challenges and problems faced by mankind. It is facilitated by the governments of participating countries to help millions of people to showcase their ideas, innovations, inventions as well as to inspire collaborations to celebrate the power of unity and creativity.These mega global events provide an opportunity and platform for people from all over the world to connect and experience the best of art, culture, tradition, geography, science, innovation and invention. The impact of these events has far-reaching effects as they set millions of thoughts and ideas in motion for the betterment and advancement of human life and intelligence.These events also serve as an exhibition of sorts for the latest inventions and discoveries. For e.g. some of the important inventions to have been showcased in such events are the telegraph (1851 London), typewriter (1876 Philadelphia), diesel engine (1900 Paris), colour television (1964 New York), IMAX film (1970 Osaka), wireless trams (2012 Yeosu) and many others.Expo 2020 Dubai as it is officially known will be opening on Oct 20, 2020 and ending on April 10, 2021. This world expo also coincides with the 50th anniversary of the UAE in 2021, marking this event as an important milestone in the history of the country. "Connecting Minds, Creating the Future" is the theme for the Expo 2020 Dubai with "opportunity, mobility, and sustainability" as the subthemes. In line with the motto, Dubai has launched the Online Marketplace to help individuals and businesses to showcase their capabilities, market themselves for global opportunities and to secure connections within the business supply chain. This is the first Expo to be held in the Middle East, South Asia, and Africa region.The government of the UAE prepared thoroughly and lobbied extensively to win the bid for the expo. After securing the bid for the Expo, preparations started at a mammoth level. As per an economic impact assessment by Ernst & Young, it is expected that Expo 2020 would generate AED 122.6bn in gross value added, or around 0.5% of the estimated national GDP per year from 2013 to 2031.As far as the real estate market is concerned, Expo 2020 is expected to attract 25 million visitors with 70% of them coming from other countries. This influx of population along with business and investment opportunities is expected to boost the real estate market. Be it Townhouses for Sale in Dubai, Villas for Rent in Dubai, Apartments and Flats for Sale or Rent in Dubai, the residential real estate market is bound to witness a surge in the demand. As far as the commercial market is concerned then Business Centers for Rent in Dubai, Offices for Sale in Dubai, Warehouses and Factories for Sale or Rent in Dubaiare also going to capitalize. The market has already witnessed the blooming of the industry with the initial phase of investment and development around the region.A new township is being built and almost ready in the Dubai South District on a whopping 483 hectares near the Al Maktoum International Airport as the expo site. The German multinational conglomerate Siemens already finalized the deal to establish its logistics base as well as a conference cum exhibition centre in Dubai. The Dubai World Trade Centre will oversee the development and its operations along with several other commercial projects which are expected in and around the Expo 2020 site. Route 2020, the extension of Dubai Metro is scheduled to open in the spring of 2020 to strengthen the transport infrastructure and ease visitors' commute to the Expo. This extension of transportation facilities will be crucial in boosting the real estate market with better connectivity. The Expo 2020 Dubai is estimated to create around 300,000 jobs in all key sectors such as real estate, technology, manufacturing, healthcare, tourism, hospitality, education, and retail.Along with this, the government of the UAE is also making efforts to appeal to the global audience. Relaxing the rules on property ownership, the extended visas and a lower entry point for secondary property mortgages are some of the important initiatives taken by the government to maintain the momentum created by the Expo 2020. All these government incentives along with The Expo 2020 Dubai will have a positive impact on the entire economy of the UAE specially to the real estate market and the industry players.
Dubai Residential Market Expected to See an Increase in Prices