Photo used for illustrative purpose only.
Inayat-ur-Rahman, Business Editor
The marquee event Expo 2020 Dubai has commenced with all its glory, and visitors have started to pour in from every part of the world. This has resulted in a higher demand for ready properties in the emirate.
Reports from several property portals in Dubai show that ready properties in several communities were reportedly fully or partially booked even before the event started.
As per Georges El Hachem, Commercial Director of Select Group, “the Expo is going to offer visitors a fantastic opportunity to sample the innovative and forward thinking nature of Dubai. 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 home owners alike.”
While the focus of tourists and visitors is on rental properties in the proximity of the Expo 2020 site, investors and end-users are preferring properties for sale in Dubai.
Emirati residents with long-term, renewable visas are also capitalising on this opportunity.
The comparatively low property prices in Dubai is providing them with a lucrative option to earn high ROI, as the market is on the route to recovery, and the pace of recovery is further accelerated by Expo 2020.
According to Ata Shobeiry, CEO at Zoom Property, “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.”
Speaking about the long-term impact of Expo on the Dubai property market, a representative from Elysian Real Estate says that, “Expo 2020 is going to certainly bring a lot of focus on Dubai however in my opinion, we will start seeing the demand created by the expo coming in the next 2 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!”
While Expo 2020 is said to be the biggest catalyst for the rising demand for ready properties in the market, many other factors have also influenced the shift in the demand curve. For starters, the timely implementation of successful strategies by the emirate to handle the global pandemic played a major role in bringing foreign investors back. It also allowed new investors to enter the market and assisted in creating a stable property outlook.
The latest visa reforms by authorities, including the introduction of renewable, 10-year golden visas, also led to increased activity in the property sector. Other than that, expatriate-friendly policies, such as 100% company ownership, are said to have impacted the demand for properties in Dubai.
As per Arjumand Niazi, Director of Turn Over Properties, “the main reason of high demand of ready properties during the last 2 quarters is due to the confidence of investors and end-users in the UAE as a long-term base for residence and business after amendments in personal and business laws to accommodate wider demographic lifestyle preferences.” He also believes that planning to manage COVID-19 and increased requirements for bigger spaces due to the work from home culture also led to the rising demand for ready properties.
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