The largest event ever held in the Arab region has been a game-changer for the UAE. Expo 2020 saw more than 24 million visits including residents and a vast majority of foreigners. People across the world got a taste of what Dubai has to offer, making it an alluring option for professionals to invest in.
Real estate growth in numbers
192 countries participated in the global event which attracted 52,415 investors and witnessed a record total of 84,772 new deals worth AED 300 billion in the real estate market in 2021 alone, which is considered one of the best years for real estate in the UAE. The growth year-on-year in the number of investments has increased by 73.7 percent, a 65.6 percent surge in the number of investors, and a 100 percent growth in investments. Both the value and volume of transactions have been the highest since the fourth quarter of 2013 and the credit is attributed to the Expo.
Dubai, a chosen place to live
The Expo served as an introduction to Dubai for people from all over the world, its robust infrastructure, exceptional quality of lifestyle available for every individual, secure environment, and prospects for high earnings. These attractive choices are ideal for people looking to spend their lives in Dubai. Consequently, prices across property markets in Dubai and Abu Dhabi are stabilized, with increased demand for short-term rentals and a growing interest in long-term residential spaces such as townhouses, villas, and apartments are noticed. These are favorable conditions for more people to invest in real estate in the UAE.
Expo’s long-term goals
Countries that hosted the Expo prior have seen a rise in the local economy and dramatic growth in real estate prices. UAE’s international profile as a place to do business has increased. This is being proved as a rise of foreign investors return to capitalize on their investments in the market in Dubai. Moreover, Expo 2020 was hosted in Dubai with a vision to forge new relationships and strengthen its connections with countries and global partners. Any country wanting to do business in the UAE will set up shop here and this is a significant prospect of growth for the real estate market as more professionals will migrate to UAE and look for business and residential spaces.
District 2020 to drive the property market
The Expo site will transition to become District 2020, a mixed-use development. This project is in view of the UAE’s vision for the future i.e., a move towards an innovation-driven economy, sustainable economic development, and to create a business environment to support industries such as real estate, travel and tourism, construction, and more. Eighty percent of the infrastructure created in the Expo will be retained that is planned to expand into a city with commercial, hospitality, and residential infrastructure intended to be built over 10 years. These developments will further the growth of the UAE as a country and accentuate the real estate market.
In overview, the Expo 2020 was designed with a view toward sustainability, innovation, and mobility; all of which were achieved. This further promoted the idea pervading throughout industries in the country that will follow suit as the world has witnessed the potential UAE offers. A notable moment in history is created for Dubai’s real estate market which when walked down the lane and looked at will be seen as a defining period of growth.
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