Other key sectors, including tourism, hospitality, retail, transportation and banking are expected to benefit from the event, too.
Expo 2020 has finally started in Dubai, an impressive event that delivers a very powerful message that the world is open for business. It is expected that throughout its six-month run the exhibition will welcome around 25 million people from all around the world.
The previous World Expo editions that took place in other countries have drastically changed things for host nations and definitely for the better. The same is forecasted for the UAE. Expo 2020 is the biggest, one-of-its-kind event in the Middle East that will host over 190 countries. Each nation will have its own pavilion where they will showcase innovative solutions to deal with the most pressing matters the world is facing.
But more than anything, the much-anticipated event is speculated to affect Dubai, where the recovery process continues after the pandemic caused a decline in the property market.
The signs of recovery are already visible: the first eight months of 2021 produced better results than the whole of 2020. The latest statistics show that the property market in Dubai had 43,299 sales worth USD 28 billion (as of September 30, 2021), which is 45 percent higher compared to 2020. In the previous year, a total of 35,401 sales transactions worth USD 19 million were recorded in the emirate.
In the run-up to Expo 2020, a noted excitement was building up in the property market. Both the demand and prices of properties are still increasing, particularly in areas closer to the Expo-2020 site.
This certainly looks like a welcoming sign for investors and property sellers as the gap between the supply and demand will be narrowed, and that is a challenge that Dubai property market has been facing for the last few years.
When Expo 2020 was announced in 2013, many developers launched new projects. However, the construction was halted due to the pandemic but nevertheless, the one-year delay gave them the time to speed up the completion. So now, exhibition visitors can choose from a whole variety of ready properties for rent in Dubai, in areas located close to the Expo 2020 site. Options for rent include apartments, villas and penthouses.
However, real estate sector is not the only one that will be impacted by Expo 2020. Other key sectors, including tourism, hospitality, retail, transportation and banking are expected to benefit from the event, too.
For example, 46,000 visitors per hour will be carried to the exhibition site from Dubai Marina by the new Dubai Metro Route 2020. Moreover, the pivotal event is going to solidify Dubai’s position as a powerful global financial center, as it is expected to boost the emirate’s economy by approximately USD 33.4 billion. In addition to that, up to 30,000 new job opportunities will be created.
The expatriate-friendly policies announced by the authorities, including the 100 percent company ownership and renewable Golden visa, are likely to attract more people in the coming times. Earlier in October, the UAE leaders revealed that 50 new projects are in the pipeline, marking the 50th anniversary of the country. And with Expo 2020, a lot of new opportunities for investors and entrepreneurs will emerge in Dubai.
The six-month event will close on March 31, 2022, though the growth in the emirate will not stop. The Expo site will be converted into District 2020 that will retain at least 80 percent of the infrastructure. But the purpose will be the same, 'Connecting Minds, Creating the Future'.