How Expo 2020 is shaping Dubai’s real estate market – News

The impact of Expo 2020 is expected to last for the long term as more overseas investors make inroads into the real estate market



Statistics reveal that 17,942 transactions worth 46.75 billion dirhams were recorded during the fourth quarter of 2021, signaling a growth of 12.7% on a quarterly basis and 63.2% on a compared to the fourth quarter of 2020. — Photo provided

Relative to staff

Published: Sun Jan 23, 2022 2:27 PM

The Dubai property market is experiencing a remarkable recovery, with an upward trend being seen in both prices and demand for residential properties. While there are other factors at play, the growth is mostly attributed to Expo 2020 Dubai, as areas closer to the fair’s global site are performing exceptionally well.

Statistics reveal that 17,942 transactions worth 46.75 billion dirhams were recorded during the fourth quarter of 2021, signaling a growth of 12.7% on a quarterly basis and 63.2% on a compared to the fourth quarter of 2020. Transaction volume and value are the highest since the fourth quarter of 2013, mainly due to Expo 2020 Dubai.

Continuing upward trend

James Hatton, managing director of Elysian Real Estate, believes that the impact of Expo 2020 will be long term.  — Photo provided

James Hatton, managing director of Elysian Real Estate, believes that the impact of Expo 2020 will be long term. — Photo provided

According to Zoom Property Insights, this upward trend will continue even after the end of Expo 2020. Ready-made and off-plan properties will remain in high demand in key areas, as more foreign investors are expected to make an inroad. in the real estate market.

James Hatton, managing director of Elysian Real Estate, believes that the impact of Expo 2020 will be long term.

“At the end of the day, if we look at the long-term factors of Expo, I think it’s going to be very, very positive. How could they not take advantage of such a large audience and a lot of people coming in town,” he said. Hatton also said there has been a noticeable increase in the number of leads received by the company since the Expo began in October.

Initiatives Drive Growth

Simon Baker, Managing Director of Haus & Haus, said Expo 2020 has a very positive effect on Dubai in general.  — Photo provided

Simon Baker, Managing Director of Haus & Haus, said Expo 2020 had a very positive effect on Dubai in general. — Photo provided

Simon Baker, Managing Director of Haus & Haus, also shares the same sentiment. He believes that government initiatives, such as golden visa, business start-up facilities, etc., are also contributing to the growth of Dubai’s property market. He said Expo 2020 had a very positive effect on Dubai in general.

“It’s a contributing factor with many initiatives and (how) the government has handled the pandemic very well,” Baker said.

Exhibition visitors hold the key

Georges El Hachem, Commercial Director at Select Group, believes that many people, who are visiting Dubai for the first time due to the Expo, will be able to learn more about the Dubai property market and its benefits.  This will lead to increased interest from buyers.  — Photo provided

Georges El Hachem, Commercial Director at Select Group, believes that many people, who are visiting Dubai for the first time due to the Expo, will be able to learn more about the Dubai property market and its benefits. This will lead to increased interest from buyers. — Photo provided

Georges El Hachem, Commercial Director at Select Group, believes that many people, who are visiting Dubai for the first time due to the Expo, will be able to learn more about the Dubai property market and its benefits. This will lead to increased interest from buyers.

“The Expo was the icing on the cake. The number of people visiting Dubai currently drives a lot of people to buy due to the fact that maybe 70-80% of people who are just arriving in Dubai. It’s their first time and when they see the growth, the ambience, the security, the ease of transfer, the communication, the transport system, (and) everything is provided, they see the value of the property and the permanent residence,” El Hashem said. .

Price stability

Katie Burnell, head of exclusive lettings at Savills, hints at price stability in the Dubai and Abu Dhabi property markets.  — Photo provided

Katie Burnell, head of exclusive lettings at Savills, hints at price stability in the Dubai and Abu Dhabi property markets. — Photo provided

Katie Burnell, head of exclusive lettings at Savills, hints at price stability in the Dubai and Abu Dhabi property markets.

In a conversation with Zoom Property, she said the last 10 months has seen a big increase in prices in villa communities here in Dubai and, of course, in Abu Dhabi too.

“While we won’t see a continuation of the price spike, we are seeing prices starting to stabilize in these two markets,” she said.

While sharing his views on the impact of Expo on the real estate market, Burnell said Expo 2020 saw a surge in demand for short-term rental units that had never been seen before. seen before.

Positive impact

Ata Shobeiry, CEO of Zoom Property, also believes that Expo 2020 is having a very positive impact on the property market and other sectors in Dubai.

“While government initiatives and an effective vaccination campaign have contributed to the recovery of the property market, the role played by Expo 2020 cannot be denied,” Shobeiry said.

https://drive.google.com/file/d/1peo4-p5ksja4hQSN6RY52GI9m3V0bVJV/view?usp=sharing

“Expo brings a large number of people to Dubai and introduces them to its high-end lifestyle, safe environment and huge earning potential. The impact will definitely last longer as the Expo site will be converted into a District 2020 while retaining most of its infrastructure and resources. This will attract more investment from foreign investors,” he added.

Amidst all the security measures, Expo 2020 Dubai welcomed more than eight million visitors towards the end of December 2021. The numbers are expected to increase significantly, with around 2.5 months for the world’s fair to lower its curtains .

[email protected]