Expo 2020 will provide required impetus to realty

Dubai - Tourism, hospitality, retail, transportation, and banking are expected to benefit from this event.

Latest edition of the World Expo series, Expo 2020 Dubai, is launched at an impressive ceremony that delivers a very powerful message that the world is open for business. The mega event is expected to welcome around 25 million people throughout its six-month run from around the globe.

The previous editions of the World Expo series have drastically changed things (for the better) for host nations. And the same is forecasted for the UAE. It is said to be the biggest, one-of-its-kind event in the Middle East region as it will host over 190 countries, with every nation having its own pavilion showcasing innovative solutions to deal with the most pressing matters the world is facing.

But more than anything, the much-anticipated event is speculated to turn things around in Dubai as the emirate eyes recovery after the pandemic caused a dent in property transactions and prices.

Numbers speak

The signs of recovery are already visible, as the first eight months of 2021 produced better results in comparison to the whole of 2020. As per latest statistics, the property market in Dubai, with 43,299 sales volume worth Dh104.3 billion (as of September 30, 2021), has shown 45 per cent growth as compared to 2020. A total of 35,401 sales transactions valuing Dh71.87 billion were recorded in the preceding year.

According to a representative of Zoom Property, a fast emerging real estate portal in Dubai, “As we are nearing Expo 2020, there is a noted excitement build-up in the market. Both the demand and prices of properties are increasing, particularly in areas closer to the Expo-2020 site”.

This is certainly a welcoming sign for investors and property sellers as the gap between the supply and demand will be narrowed a challenge that Dubai property market has been facing for the last few years.

As Expo 2020 was announced in 2013, many developers announced new projects. Even though the construction was halted due to the pandemic, the one-year delay gave them the time to speed up the completion. And now, visitors can choose from a range of ready properties for rent in Dubai, in areas lying close to the Expo-2020 site. This includes apartments, villas and penthouses for rent.

The writer is a chief executive at Zoom Property. Views expressed are his own and do not reflect the newspaper’s policy.