Here's how Expo 2020 is helping the property market in Dubai
Expo 2020 is set to commence on October 20th 2020 with the theme of 'Connecting Minds, Creating the Future'. One major market that is poised to grow along with the event is the property market. How does the Expo's presence benefit this market? To answer this question, we'll have to look at what Expo 2020 is, and what it stands for.
What is Expo 2020?
The World Expo series began in 1844 as a World's Fair in the French tradition of national exhibitions. The event is an international exhibition showcase that’s designed to highlight the achievement of participating countries while portraying a vision for the future. Being awarded the hosting duties is an honour and Dubai is already well underway with its plans to create an event that will leave the citizens of the world spell-bounded. Expo 2020 aims to bring out innovation, creativity, and collaboration to trigger new ways of developing the Middle East, South Asia and Africa via themes for sustainability, opportunity, and mobility. These themes will be embodied via pavilions at the expo that will also showcase a variety of sub-themes. Participating countries will also have pavilions at the event to represent their nation.
What is Expo 2020's Potential Impact on the Dubai Property Market?
One very likely outcome of the Expo will be a significant increase of international visitors into Dubai. From October 2020 onwards, around 25 million visitors are expected to visit the country. This about 35% greater than the annual average of 17 million visitors. This increased inflow should provide a substantial boost to the economy and should shore up demand for Dubai real estate. Dubai’s property market is very dynamic with new units being launched frequently.
As the economy is expected to grow, so will Dubai's position as an investment capital for people all over the world. This is evident from the following potential effects:
Economic Boost: Experts say that this Dubai exhibition will have a positive impact on most of the economic sectors and industries in 2020 and 2021. Which will hopefully lead to a long-term boom for the country and its residents.
More options: As Dubai (and the UAE) continues to become a melting pot of cultures, the effect will be seen in the form of more innovative uses of architecture and design within the property market. From smart communities to affordable housing, developers have heard the needs of Dubai’s population loud and clear, and have addressed the challenge of creating more choices within the property market. This will help residents find the right homes for themselves, at the right price. Even in the luxury space, the influx of interest by wealthy individuals has helped fuel the variety in properties available.
More results: Dubai's real estate sector is possibly one of the fastest in terms of growth. However, its prices are still 1/7th or 1/5th of some major international cities. Expo 2020 will see to it that the prices rise and align with other global cities.
In conclusion, Expo 2020 will be an iconic Dubai exhibition that will amaze everyone, it is expected to create substantial growth in the real estate market as well as several other sectors.
