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The big announcement last November confirming that Dubai will host the Expo 2020 not only has affected the Dubai real estate market but also markets worldwide. It is definitely one of the prime and major events Dubai will witness, as the World Expo has never been held before in the Middle East. It is projected that approximately 70% of the 25 million visitors will be coming from outside Dubai.
It has encouraged investors across the globe to put their money in the Dubai real estate market as demand and interest among investors has amplified, not only in residential but also in commercial property. A number of new and existing projects have started developing swiftly across the real estate market and in other sectors, too. This should lead to a number of job openings which will then result in an increase in demand for manpower.
Also, the Dubai Government is imposing regulations to avoid the bubble that happened in 2008 and, with such a big event down the line, a bubble would be the last thing Dubai would want to see. Thus, with the standards Dubai has established, the government is taking all the necessary precautions to curb any speculations and apply laws which will support growth in the real estate market.
Even after the rise in prices in general, the demand across several segments has escalated viz. hospitality and tourism, retail, construction, transportation, etc., which gives real estate developers a chance to make constructive contribution towards the future and growth of the emirate. Some of these developers already have major land possessions around the Expo 2020 venue and the Dubai World Central.
It's inexorable to discontinue or slow down any projects as this will contradict the emirate's vision towards Expo 2020, thus, the fast-tracking of projects on a standstill and the delivery of resources for the increasing demand will not only see the influx of foreign investors and market growth but also stability and sustainability for a longer period of time.
• World Expo is a major global event that has never been hosted in the Middle East
• Bid win has amplified demand and interest from among property investors
• Some developers have major land possessions around the Expo 2020 venue
Source: Linford D'Souza, Special to Properties, gulfnews.com
The writer is Marketing & Rental Manager, Max Real Estate