Ahead of the World Expo in 2020, Dubai’s real estate market is expected to ride a new wave of demand, sky-rocketing infrastructural development and expat-friendly policies. The Dubai Creek Harbour neighbourhood is one of several areas in the Emirate which are getting an infrastructural makeover ahead of the 2020 Expo. This area will have 9 premium residential zones, the largest shopping mall and Chinatown and also the tallest structure ever built worldwide. This is a developmental trend that is being observed in other parts of Dubai too. The expat population has already increased to 2.7 million individuals as per reports.
Dubai is already home to some of the world’s best shopping, dining, entertainment and lifestyle destinations and there are plans to build the first Hyperloop shuttle in the world here which will cover the 140 kilometre stretch between Abu Dhabi and Dubai in only 12 minutes. The Emirate has already launched favourable policies like 10-year visas for investors and professionals in the medical, science and technology sectors in tandem with 100% foreign ownership for businesses in Dubai. These reforms are expected to create a new boom in Dubai’s real estate and housing sectors due to considerable demand from expats in the city.
These policies have already given more confidence to expats to finally settle down in Dubai and several first-time buyers are coming from this buying audience. The World Expo in 2020 is expected to draw 25 million people to the Emirate along with sparking widespread employment for skilled professionals. This development could also give the housing market a major boost. There is rapid infrastructure development in the build-up to the Expo and this is also rubbing off positively on the residential real estate sector according to experts. Investors are drawn to Dubai for its good returns, huge infrastructure creation, excellent hygiene and security and of course, the lifestyle perks on offer.
The Government has already given indications that investors buying AED1 million properties can also submit applications for a renewable residency visa of 10 years and this will help the Emirate draw more wealthy global property buyers. With Governments in Australia, the United Kingdom and other countries looking to restrict the entry of luxury property investors from foreign countries with high taxation and other measures, Dubai stands to gain hugely.