The Dubai expo 2020 was a move by the UAE to lift up the dwindling economic prospects of the country. It has worked towards that objective very well since there has been an inflow of 122 billion Dirham in the country. Most importantly over 400 restaurants and many hotels and apartments have started off their construction. The real estate sector is booming in Dubai and it is to turn the tide of the economic stagnation brought on by the pandemic as well.
A new perspective in Dubai
Builders in Dubai are in need to understand the needs of investors. There are a lot of investors coming to Dubai and there is a process of review going on. Dubai is revamping its economic and business structure in order to accommodate the latest trends and cater to the rising needs. Dubai will also incorporate the City’s master plan 2040 which is going to change the outlook entirely. Although the property occupancy is still at a low in Dubai the Expo is set to change things and revitalize the environment of business as well.
Background of the Expo
A number of extraordinary projects were lined up for Expo 2020 and the purpose was to attract more foreign investment. Exhibitions and expos are meant to increase international cooperation in the fields of business. Usually, expos happen every five years and can stay for six months. In 2013, Dubai was selected by International des Expositions to host the expo 2020. However, it was cancelled due to the pandemic situation and so it took place this year. The highlights of the expo 2020 were Museum of the future, Route 2020, Ain Dubai, Aladdin City, and Al Wasl Plaza.
The economic impact of the Expo
The estimated impact of the expo 2020 will be witnessed throughout the year as stated by various market experts. The increase in property prices is evidence of that factor. In the previous year, the rates of the property dropped by 4%. This drop was the highest in the entire world and it was due to the spread of the pandemic. But as the country took countermeasures to stop the travellers from coming into Dubai along with several months of travel embargo helped curb the spread to a great extent.
The improvement in the real estate sector has been witnessed due to the villa and now the apartment projects are expected to take the impact further. In order to bail out the real estate sector in Dubai, the Central Bank will loan 20 per cent for financing the real estate. Many places that are close to the expo site have also become the attraction for the investors which include Business Bay, Jumeirah Village Circle, Sports City, and Barsha South.
The experience of the Dubai expo is sure to set the trend in other countries as well. The real estate sector in other nations is going to see this expo as a textbook example of the success of expos with regards to their impact on the economy. A
trend of expos has begun in Pakistan as well where a huge number of companies are showcasing their residential and commercial projects. It is now happening across the nation in order to boost the trend and make as much as possible from the boom in the real estate sector.
Dubai is the epitome of real estate in the Emirates and it has to sustain this trend at all costs. This was considered a national priority and agenda which is why it came to fruition. The international community has always looked upon Dubai and Emirates in general as the haven for investment which makes it the perfect destination for international projects and investors. The expo, along with the support given by the international community such as the International des Expositions is the game-changer that has helped Dubai come out strong from the setback of the pandemic.