Expo 2020 is considered to be the biggest catalyst for the growing demand for ready properties in the market.
Expo 2020 in Dubai has finally commenced and visitors from all over the world started to pour in, which resulted in an increased demand for ready properties in the emirate.
According to the reports from several property portals in Dubai, ready properties in some communities were reportedly fully or partially booked even before the beginning of the event on October 1.
While tourists and expo visitors mainly focus on rental properties located in the proximity of the Expo 2020 site, investors and end-users are interested in buying properties in Dubai. Among them are Emirati residents with long-term, renewable visas who wish to capitalize on this unique opportunity.
The comparatively low property prices in Dubai look like a lucrative option to earn high ROI, as the market is on the way to recovery, the pace of which is further accelerated by Expo 2020.
Expo 2020 is considered to be the biggest catalyst for the growing demand for ready properties in the market but there are many other factors that have also influenced the shift in the demand curve.
First off, the timely and successful implementation of strategies to handle the global pandemic by the emirate played a big role in bringing foreign investors back to the market. In addition to that, it allowed new investors to enter the market and assisted in creating a stable property outlook.
The latest visa reforms carried out by the authorities, including the introduction of renewable, 10-year golden visas, also helped to boost activity in the property sector. Apart from that, the demand for properties in Dubai was impacted by expatriate-friendly policies, such as 100 per cent company ownership.
And, certainly, foreign investors are attracted not least by lower property prices as compared to other international cities, such as the major US, Chinese and UK cities.