Visitors have begun to come from all parts of the world to Dubai as it has begun it’s Expo 2020 with all its glory. In response to this, the demand for ready-to-move-in properties in the emirate is going up.
A number of Dubai property portals report that ready properties in several communities were fully or partially reserved even before the event started on October 1.
Georges El Hachem, commercial director of Select Group, said visitors will get a chance to sample Dubai’s innovative and forward-thinking nature at the Expo.
“The city is already a must-visit tourist destination and is emerging as one of the most important business hubs in the region. Whether it’s tourists looking for short-term holiday rentals or professionals looking to relocate to take advantage of Dubai’s arrival as a truly global destination, the ready-to-move market is drawing huge interest from investors and homeowners alike,” he said.
Tourists and visitors to the Expo-2020 site are concentrating on renting properties in the area around the site. Investors and end-users, however, are preferring properties for sale in Dubai. Emiratis with long-term, renewable visas are also taking advantage of this opportunity.
Due to the low property prices in Dubai, it is a lucrative option for investors to earn high ROI, given that the market is on the rebound, and that the pace of recovery is being accelerated by Expo 2020.
“The market was already showing signs of recovery prior to Expo-2020. However, it picked up pace as the exhibition was nearing, with August 2021 showing double-digit growth in the villa market,” Ata Shobeiry, CEO at Zoom Property, said.
During a discussion on Expo 2020’s long-term impact on the Dubai real estate market, a representative from Elysian Real Estate explained that Dubai will certainly get a lot of attention during this time period.
“We will start seeing the demand created by the expo coming in the next two years after people have visited the city and fallen in love with it they will then look to relocate here as the opportunities and way of life is hard to ignore!”
Factors contributing to the high demand
Despite the fact that Expo 2020 is considered the biggest catalyst for the rising demand for properties, many other factors are also responsible for the shift in the demand curve.
A major impact on bringing foreign investors back to the emirate was the timely deployment of successful strategies to handle the pandemic. New investors were also able to take part in the market and a stable property outlook was created.
Property activity in the property sector also increased as a result of recent visa reforms, including the introduction of 10-year golden visas that are renewable. Furthermore, Dubai’s expat-friendly policies, such as 100 percent company ownership, are said to have impacted demand for properties.
Furthermore, lower property prices in comparison with major US, UK, Chinese, and other international cities are major attractions for foreign investors.
The director of Turn Over Properties said the high demand for ready properties during the last two quarters is due to investors’ and end-users trust in the UAE as a long-term residence and business base following amendments to personal and business law to reflect lifestyle choices for a wider demographic.