Unless you have been living under a rock for the last few years (and if so, come and see us quickly!), you won’t have failed to notice that the EXPO 2020 will be hosted by Dubai. This latest series in the World Expo is scheduled to open on October 20th 2020 and carries the theme ‘Connecting Minds, Creating the Future’. EXPO 2020 aims to foster creativity, innovation and collaboration and trigger new ways of thinking to develop the Middle East, Africa and South Asia region through mobility, opportunity and sustainability.
The World EXPO series originated as a World’s Fair in the French tradition of national exhibitions around 1844. It is an international exhibition designed to showcase the achievements of nations and put forth a vision for the future. It is undoubtedly an honour to be awarded the hosting duties and Dubai is already well underway with its ambitious plans to create a truly magical event for all the citizens of the world to enjoy.
But what does this landmark event mean for the Dubai Property Market?
More people. The annual visitors expected in the 12 month period from October 2020 is expected to exceed 25 million, a 35% increase on the annual average of 17 million visitors. Not only will this influx create a boost to the economy overall, it will widen the audience and usage of Dubai property. The accommodation needs continue to grow year on year and that is why we have seen a trend towards a more diverse range of property types and environments in order to accommodate the variety of needs from a more multi-cultural audience. In addition, as the economy grows, so too does the appeal of Dubai as an investment location for people all over the world.
According to Mr Ravi Pillai of R.P Group, he expects “a cascading positive impact across all industries and sectors in 2020 and 2021” which will lead to a long-term boom for the country and its residents.
As the melting pot of cultures continues to grow within Dubai and the UAE as a whole, there has been an explosion of design and architecture within the property market. From affordable housing to smart communities, developers have listened to the demands of the audience and risen to the challenge of creating more options within the property market so that everyone can find the right home for them. Even in the luxury market, the influx of people and investment foster by EXPO 2020, has driven the variety exponentially so that those with more discerning tastes can find and create bespoke spaces that meet their every need.
According to Knight Frank’s Hub Report 2018, Dubai’s real estate sector might be one of the fastest growing, but its prices are still 1/7th of those in Hong Kong and 1/5th of those in most other major international cities. EXPO 2020 will mean that everyone expects prices here to rise to be more in line with the types of global cities Dubai is on a par with. Ultimately, EXPO 2020 will not only be an iconic event for everyone to enjoy, it will have the ripple effect of substantial economic growth in all areas, especially within the property market. And the best news? Gulf Sotheby’s International Realty will be here throughout to guide you through the best options for you and your needs.