Dubai Expo 2020 which is considered to be one of the largest events in the world has brought immense pride and prestige to the city of Dubai, thereby resulting in strong economic growth for the UAE. Amidst the first wave of the global pandemic, the event has been postponed and will be held from October 1st, 2021 to 31st March 2022. With the new dates being released, Expo is just a few months away, where among the industries, Dubai’s real estate market is are gearing up to benefit from the event.
So here’s a look into the major benefits of Expo 2020 for Dubai’s real estate sector:
- Expo 2020 for Dubai’s infrastructure and construction
Dubai with the launch of this mega event can expect a sharp growth in the construction and infrastructure sector. Some of the well-known and recognized projects include the Dubai Water Canal, Museum of the Future, and numerous theme parks.
- Benefits of foreign investment coming in
With the boom of the real estate market, the city can expect to have more foreign direct investment by the mid of 2021. Already, Dubai being one of the finest business-friendly hubs, can protect the capital and create an environment that is worth investing in for the growth and development of the city. That being said, the city is eagerly looking forward to attracting international investors rather than regional investors.
- Benefits of increased tourism in Dubai’s real estate
The city is not just investor-friendly, but also one of the finest destinations for tourism and hospitality. With the onset of launching the Expo 2020, the city is expecting around 25 million visitors, of which around 70% will be from overseas. Being one of the largest and longest mega-events, the show will provide a big boost for the city’s tourism and hospitality sector to generate huge revenues and turnover for the businesses.
- The attraction of new job opportunities
It can’t go without saying that Dubai Expo 2020 has created ample job opportunities for people of all skills and professions. Therefore an increasing workforce and rise in jobs will correspondingly lead to a greater demand for housing, which in turn generates mutual revenue for the construction and real estate sector as well.
- More and more businesses to set up in Dubai
Now that Dubai is all set to welcome the event of Expo 2020, attracting more investors, by now there has been a steady rise in the business formation in UAE, indicating a steady rise in business development and expansion. This surely will be a good time for the business setup consultants as well, as they are the ones who act as a liaison between the government entities and business clients to clear all the formalities.
Moreover, experts forecast a GDP growth with over 3.5 percent estimate leading to a boom in the real estate market in Dubai. Long-term visas for investors and professionals, liberal payment plans, and increased flexibility in debt repayment by financial institutions are some of the key initiatives to attract new and more investors to Dubai. These investor-friendly approaches have gained immense confidence among the investors to set up their business in Dubai.