Expo 2020, visa reforms, consistent economic policies, stimulus packages, and the way UAE performed during the Covid-19 crisis are among the factors that have created a bullish real estate market in Dubai causing a head-start in the increase in Dubai property sales.
According to global industry experts, the global fair played a vital role in attracting foreign investors to the emirate’s growing real estate market. It witnessed a growth in sales transactions in terms of volume and value, recording AED 28.5 billion sales through 9,368 transactions during November. A significantly bigger increase in Dubai property sales of AED 16.2 billion sales through 5,762 transactions in September before the launch of Expo 2020.
Industry experts are also predicting a sharp rise in the real estate market’s value as long-term tenants continue switching from renting to buying in order to secure a home in the best city to live in in the world.
Expo 2020
Expo 2020 has surpassed all expectations as it enters its third month. The world event has welcomed over 5 million visitors during the first 60 days of its commencement. As Christmas and New year rolls in, the numbers of visitors are expected to continue rising along with the help of the exciting line-up of events and concerts scheduled to run during the remaining months.
According to industry specialists, Expo 2020 is attracting new investors and buyers who has never bought a property in Dubai before. It has brought in the “highest sales, capital appreciation, and improvement in rentability in villas and townhouses.” Additionally, “developers are experiencing new markets, nationalities, people, and new buyers.”
“We are expecting Expo 2020 Dubai to become a channel of recovery for the future of the real estate market in UAE. For the past two years, the world was fighting Covid-19, Expo 2020 Dubai has opened its arms to the idea that we have to learn to live with it.”
As we continue to fight Covid-19, we have seen how the world advanced technology to methodology. It is our hope that we share these innovations to strengthen the globe and for people to come together in celebration to shape a better and brighter future for everyone.
Source: Khaleej Times