The Dubai Expo 2020 is expected to boost the property market here which is currently plagued by a downturn lasting over three years. However, real estate markets are steadily witnessing a revival as Dubai prepares ardently for the eagerly awaited 2020 trade fair as per experts. This will be a 6-month event and the first World Expo to ever take place in the Middle East. The event is expected to draw at least 300,000 visitors every day when it starts from October, 2020.
Experts are hopeful of the Expo 2020 boosting Dubai’s real estate market which has been pressurized by lower economic progress and weaker demand ever since oil prices slumped in 2014. According to the director general of the Dubai Land Department, Sultan Butti bin Mejren, the property market is currently hoping to witness a new growth phase in the build-up to the event. Several real estate developers have launched premium projects which are worth billions at the recently concluded Cityscape Global property show in spite of lower rentals and selling prices.
Top developers like Deyaar, Nakheel and Emaar have posted good sales figures at this event which witnessed participation from 300 market players. Some have even claimed that their properties have been sold out at the event. Sales of property in Dubai have gone up hugely after the property market was opened up for foreign investors in the year 2002. Prices increased considerably with high demand but kept falling ever since the global economic crisis hit the Emirate in 2009.
Prices were again propelled upwards through an economic recovery based on sectors like tourism, transportation and trade. However, the slump in oil prices in 2014 hit the economy of the Gulf badly and this also impacted the realty market in Dubai. Prices of homes here have already gone down by a whopping 15% and rentals have also come down. However, experts state that prices have finally stopped falling in several parts of Dubai.
The Expo 2020 is expected to create a whopping 300,000 jobs by the year 2020 and this will boost real estate markets hugely. According to the Dubai Land Department, foreign investors pumped in a whopping $41 billion for buying property in the Emirate and Indians led the pack by contributing $5.6 billion in this tally. Driven by this recovery, developers in Dubai are expected to finish close to 90,000 units by the year 2020.