Dubai’s property sector expects rapid expansion as Expo 2020 looms

Reading Time: 2 minutes

Dubai expo 2020The expectation that the Expo 2020 held in Dubai will prompt around $6.5 billion worth of investment in infrastructure projects is boosting the entire real estate market in the emirate. The is going to be felt with more projects getting announced. Retail rentals and hospitality revenues are already showing healthy performance and enjoy growth since 2011, leading into another good year 2014.

The International Monetary Fund (IMF) in its latest assessment has raised its 2014 economic growth forecast for the United Arab Emirates to 4.5 per cent, pointing out that growth should be aided by a number of mega projects and Dubai’s hosting of the Expo 2020 in particular.

“The real estate sector has seen a steep recovery, with prices in the Dubai residential real estate market having increased rapidly in selected areas,” said Harald Finger, the IMF’s mission chief.

Industry experts expect that residential prices and demand are showing bright prospects as prices in prime locations in Dubai as well as in secondary locations with new projects are recovering steadily. Real estate prices in Dubai’s prime areas have shot up 30 per cent in 2013. The expectation is that the property sector will benefit from the enthusiasm of domestic, regional and international investors. The surging tourism sector and Dubai’s rising profile as an area of peace within some parts of the Middle East is adding to the sympathy.

Already there is serious investor-movement after Dubai won the Expo 2020. Further rise in home rentals and increased demand for property sales in the vicinity of Expo 2020 as well as in suburban Dubai is rightly expected. There will also be high demand for serviced apartments as a huge influx of business travelers are anticipated.

Apart from the Expo 2020, among the biggest projects are Mohammed Bin Rashid City that will feature 1,500 upmarket villas and a 350,000 square-meter water park. Property firm Jones Lang LaSalle predicts that about 40,000 new residential units will enter the market over the next two years. Dubailand, a large mixed-use development between Dubai’s two airports, is likely to become increasingly popular due to its proximity to the Expo site.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

The expectation that the Expo 2020 held in Dubai will prompt around $6.5 billion worth of investment in infrastructure projects is boosting the entire real estate market in the emirate. The is going to be felt with more projects getting announced. Retail rentals and hospitality revenues are already showing healthy performance and enjoy growth since 2011, leading into another good year 2014.

Reading Time: 2 minutes

Dubai expo 2020The expectation that the Expo 2020 held in Dubai will prompt around $6.5 billion worth of investment in infrastructure projects is boosting the entire real estate market in the emirate. The is going to be felt with more projects getting announced. Retail rentals and hospitality revenues are already showing healthy performance and enjoy growth since 2011, leading into another good year 2014.

The International Monetary Fund (IMF) in its latest assessment has raised its 2014 economic growth forecast for the United Arab Emirates to 4.5 per cent, pointing out that growth should be aided by a number of mega projects and Dubai’s hosting of the Expo 2020 in particular.

“The real estate sector has seen a steep recovery, with prices in the Dubai residential real estate market having increased rapidly in selected areas,” said Harald Finger, the IMF’s mission chief.

Industry experts expect that residential prices and demand are showing bright prospects as prices in prime locations in Dubai as well as in secondary locations with new projects are recovering steadily. Real estate prices in Dubai’s prime areas have shot up 30 per cent in 2013. The expectation is that the property sector will benefit from the enthusiasm of domestic, regional and international investors. The surging tourism sector and Dubai’s rising profile as an area of peace within some parts of the Middle East is adding to the sympathy.

Already there is serious investor-movement after Dubai won the Expo 2020. Further rise in home rentals and increased demand for property sales in the vicinity of Expo 2020 as well as in suburban Dubai is rightly expected. There will also be high demand for serviced apartments as a huge influx of business travelers are anticipated.

Apart from the Expo 2020, among the biggest projects are Mohammed Bin Rashid City that will feature 1,500 upmarket villas and a 350,000 square-meter water park. Property firm Jones Lang LaSalle predicts that about 40,000 new residential units will enter the market over the next two years. Dubailand, a large mixed-use development between Dubai’s two airports, is likely to become increasingly popular due to its proximity to the Expo site.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid