The UAE’s local economy benefited from Expo 2020’s efforts to build a global economy in various industries, including tourism, technology, building, foreign investment, and entrepreneurship. The UAE shattered records in 2021, and the real estate market there had phenomenal growth that hadn’t been seen in eight years. The real estate industry comprised most of the UAE’s economic output.
As a result of Expo 2020’s events, real estate development and investment firms showcased and promoted residential projects in the area. Whereas Expo 2020 allowed visitors to learn more about the projects in front of tourists and other exposition attendees. It resulted in real estate diversification appropriate to investors’ skills. Also, the demand for residential properties, such as flats, villas, and townhouses, has grown, which has increased real estate costs close to Expo 2020.
Real Estate Market Analysis by Professionals
Dubai’s real estate market experienced the most transactions in 2020 as both sales and rental prices fell sharply. Despite a considerable increase in the secondary market, by 2020, off-plan demand had drastically decreased. The downturn has caused several projects to delay installing new stages. Conversely, many developers believe Expo 2020 and the 50th National Day in December 2021 will significantly increase demand.
Office space leasing and sales have already significantly reduced in the current environment, with significant firms delaying the construction of new structures and most professionals working from home. Contrary to popular belief, rising demand for warehouses and storage facilities has benefited logistics and eCommerce enterprises. According to the Dubai Department of Economic Development, foreign nationals can quickly obtain a Dubai eTrade company license. Many jobs are expected to be created by Expo 2020 in the hospitality, architectural, service, and infrastructure development industries.
Impact of Expo 2020 on real estate
Everything in the emirate is a hive of activity. The public and private sectors cooperate to ensure the occasion is a success and has a good effect on all sectors of the economy, including tourism and real estate.
- Rise in property prices: Experts claim that over the past six months, average yearly rental values have increased by 1%, indicating a surge in demand.
- Infrastructure Development: New infrastructure has been created due to the Expo, including highway systems, lodging, and entertainment venues. As a result, the Expo site and its surroundings will have better connectivity and accessibility, increasing its appeal as a real estate investment opportunity.
- Boost the economy: The UAE’s economy is anticipated to grow due to the Expo, which will help the real estate sector. Demand for commercial buildings like office and retail space will rise as economic activity increases.
- Image enhancement: The Expo is anticipated to improve the UAE’s reputation as a significant international business and tourism destination, boosting investor confidence and luring more foreign capital into the real estate market.
After the Corona pandemic, the United Arab Emirates’ entire economy began to recover, largely thanks to Expo 2020, which also helped to rekindle the development and economic growth spirit.
