Expo 2020, a fabulous event for Dubai real estate sector
As we all know Expo 2020 is near for its closure by the end of March 2022. We have already seen all its long-lasting paybacks for the economy of the UAE. Historically, it is recognized that the World Expo events always bring opulence to the hosting city through its friendliness and property sector. Resultantly, it adds more to the growth of the economic sector. The situation is difficult for Dubai because of the ongoing war between major economic sectors and the impacts of Covid-19. Dubai introduces new developments that attract people to expo events such as Six Senses Dubai.
Expo 2020 is a successful event:
Conducting an influential event at such a large scale between the fears of coronavirus spread can be difficult for any country. Still, the UAE’s government pulled it off successfully through a positive vaccination drive. It also becomes possible because of the enactment of strict rules and regulations to check the spread. Dubai comes to the megacity in the Middle East to handle this mega event at a large scale and amidst the global epidemic.
Dubai planned in a good way:
There are utmost efforts of the UAE government and the private sector to gear up to advantages from this mega event. Not just the government organizations but the hospitality sector, tourism, retail, transportation, banking, and real estate sectors all gather to make it happen. Ultimately, these sectors and real estate are anticipated to enjoy substantial development in the years to come. Dubai real estate is making progress with super luxurious projects like W Residences Downtown Dubai, which offers exclusive apartments.
Expo 2020 and its impact on the construction sector:
When it is announced that Expo 2020 is going to be held in Dubai, no one is aware that the global pandemic will modify the viewpoint of the whole world. Expo 2020 is also delayed for almost one year, all major property developers remained focused on the faster accomplishment of the under-construction projects. They want to deliver before the event without cooperating on the quality of construction and amenities. Not all developers are capable of delivering the projects, but great developers made it possible to bring several luxury projects in Dubai like W Residences Downtown Dubai.
The executives forecasted to receive nearly 25 million guests for the Expo 2020 event at the end of December 2021, almost 10 million visitors already visited it. To fulfil their short-term stay requirements, Dubai’s hospitality sector performs well, which boosts the hospitality sector in Dubai.
Transformed the landscape of Dubai:
Expo 2020 has completely changed the landscape of Dubai. Previously, numerous people were seeing it as a tourist destination, but now they have a new reason to visit Dubai, which has completely changed the vision of Dubai. Despite all the disasters and economic crises, the UAE government has overcome all the challenges. As per estimation, almost 5% of the total visitors are sure to return to Dubai to live in. For example, investors are now focusing on purchasing villas and penthouses in Six Senses Dubai for a luxurious residential environment.
Dubai Land Department:
According to the details exposed by the Dubai Land Department (DLD), a total of 84,772 properties transactions happened in 2021, with a value of AED300 billion. From these transactions, practically 18,000 transactions were for the period of Q4 of 2021. Dubai’s real estate sector is still making progress by inviting investors to spend on luxurious properties. These properties include W Residences Downtown Dubai, Properties in Dubai Land, Dubai Marina, properties in Business Bay, and Six Senses Dubai Palm Jumeirah.
The next step:
Expo 2020 becomes the most successful global event, demonstrated to be a game-changer for the Dubai property market. However, things will not end here the property sector is estimated to get benefits from Expo 2020, even after the event will complete by the end of March 2022. It is scheduled to transform the Expo 2020 site into District 2020, which will be a maintainable and mixed-use scheme in Dubai.
Impact of Expo 2020 on Dubai property sector:
The majority of property specialists are definite to receive a positive comeback and a higher interest from the property investors for District 2020. It is because whenever Dubai strategies something, the result is always reliable, grand, and breathtaking. Therefore, it is the right time to invest in the future vision of Expo 2020, which is District 2020. Investors are focusing on new developments in Dubai like Six Senses Dubai, a branded residential project.