Wednesday, May 18, 2022

How Expo 2020 is shaping the Dubai property market

The impact of Expo 2020 is expected to be prolonged as more foreign investors enter the property market



The figures show that 17,942 transactions worth Dh46.75 billion were recorded during the fourth quarter of 2021, an increase of 12.7 percent on a quarter-on-quarter basis and 63.2 percent on a year-on-year basis, compared to the fourth quarter indicate. 2020 – supplied picture

by staff report

Published: Sun Jan 23, 2022, 2:27 PM

Last Update: Sun Jan 23, 2022, 2:39 PM

The Dubai property market is witnessing a marked improvement as both prices and demand for residential properties have witnessed an upward trend. While other factors are at play, the growth has been largely attributed to Expo 2020 Dubai, as areas close to the global fair venue are performing exceptionally well.

The figures show that 17,942 transactions worth Dh46.75 billion were recorded during the fourth quarter of 2021, an increase of 12.7 percent on a quarter-on-quarter basis and 63.2 percent on a year-on-year basis, compared to the fourth quarter indicate. 2020. Both transaction volume and value are the highest since the fourth quarter of 2013, mainly due to Expo 2020 Dubai.

Uptrend to continue

James Hatton, Managing Director of Elysian Real Estate, believes that the impact of Expo 2020 is going to be long-lasting.  - supplied photo

James Hatton, Managing Director of Elysian Real Estate, believes that the impact of Expo 2020 is going to be long-lasting. , supplied picture

According to Zoom Property Insights, even after the end of Expo 2020, this upward trend will continue. The demand for both ready and off-plan properties in key sectors will remain high as more foreign investors are expected to enter the property market.

James Hatton, Managing Director of Elysian Real Estate, believes that the impact of Expo 2020 is going to be long-lasting.

“Ultimately, if we are looking at the long-term factors of the Expo, I think it is going to be very positive. How could they not take advantage of such a large audience and so many people coming to the city,” he said. Hatton also noted that the number of leads the company has received has increased significantly since the expo opened in October.

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Initiatives drive growth

Simon Baker, managing director of Haus &;  Haus said that Expo 2020 has a generally positive impact on Dubai.  - supplied photo

Simon Baker, Managing Director of Haus & Haus said that Expo 2020 has a positive impact on Dubai in general. , supplied picture

Simon Baker, managing director of Haus & Haus, echoes the same sentiment. He believes that government initiatives, such as Golden Visa, easy business set-up facilities, etc., are also contributing to the growth of the Dubai property market. He said that Expo 2020 has a positive impact on Dubai in general.

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

Expo visitors hold the key

Georges L Hachem, Commercial Director, Select Group, believes that due to the expo, many first time visitors to Dubai will be able to get to know the Dubai property market and its benefits better.  This will increase the interest of the buyers.  - supplied photo

Georges L Hachem, Commercial Director, Select Group, believes that due to the expo, many first time visitors to Dubai will be able to get to know the Dubai property market and its benefits better. This will increase the interest of the buyers. , supplied picture

Georges L Hachem, Commercial Director, Select Group, believes that the expo will enable many first-timers visiting Dubai to get to know the Dubai property market and its benefits better. This will increase the interest of the buyers.

“The Expo was the cherry on the top. The number of people visiting Dubai is currently driving a lot of people to buy as 70 to 80 percent of the visitors are new to Dubai. This is their first time and they are looking forward to the development. They see the value in ownership and permanent residence, if the vibe, security, ease of transfer, communication, communication system, (and) everything is provided,” said El Hakem.

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price stability

Katie Burnell, Head of Exclusive Leasing at Savills, has indicated price stability in the Dubai and Abu Dhabi property markets.  - supplied photo

Katie Burnell, Head of Exclusive Leasing at Savills, has indicated price stability in the Dubai and Abu Dhabi property markets. , supplied picture

Katie Burnell, Head of Exclusive Leasing at Savills, has indicated price stability in the Dubai and Abu Dhabi property markets.

In conversation with Zoom Property, she said that the past 10 months have seen a huge jump in prices within villa communities in Dubai and, of course, in Abu Dhabi as well.

“While we will not see a continuation of rising prices, we do see prices starting to stabilize in both these markets,” she said.

Sharing his views on the impact of the Expo on the property market, Burnell said that the Expo 2020 has seen a huge growth in demand for short-term rental units that has never been seen before.

Positive impact

Zoom Property CEO Ata Shobery also believes that Expo 2020 is having a positive impact on Dubai’s property market and other sectors.

“Government initiatives and an efficient vaccination campaign have helped the property market recover, but the role of Expo 2020 cannot be denied,” Shobery said.

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

“The Expo is bringing a large number of people to Dubai and presenting them with its high-end lifestyle, safe environment and huge earning potential. The impact is certainly long-lasting as the expo site will be converted into District 2020 while retaining most of its infrastructure and resources. This will attract more investment from foreign investors,” he said.

Amidst all the safety measures, Expo 2020 Dubai welcomed over eight million visitors at the end of December 2021. The numbers are expected to increase significantly, with about two and a half months left for the global fair to end.

— business@khaleejtimes.com

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