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Ready-To-Move-In Properties Experience Demand Surge During Expo 2020 In Dubai? |
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An increase in demand for ready-to-move-in properties amidst the Expo 2020The marquee event Expo 2020 Dubai has commenced in all its glory. Visitors have started to pour in from every part of the world, resulting in an apparent increase in demand for ready-to-move-in properties in the emirate. Reports from several property portals in Dubai indicate that ready-to-move-in properties in several communities were pre-booked far ahead of the EXPO inauguration. As per Georges El Hachem, Commercial Director of Select Group, “the Expo is here to offer visitors a fantastic opportunity to sample the innovative and forward-thinking nature of Dubai. The city is already a must-visit tourist destination and is emerging as one of the most important business hubs in the region. Whether it’s tourists looking for short-term holiday rentals or professionals looking to relocate to take advantage of this truly global destination, the ready-to-move market is drawing huge interest from investors and homeowners alike.” Since tourists and expo visitors focus on rental properties in the proximity of the Expo-2020 site, investors and end-users are seeking deals within the areas of interest and demand. Emirati residents with long-term, renewable visas are also capitalising on this opportunity. The comparatively low property prices in Dubai make investing a lucrative option with higher ROI. The market is on the route to recovery, and the pace of recovery is further accelerated by Expo 2020. According to Mr. Ata Shobeiry, CEO at Zoom Property, “The market was already showing signs of recovery before Expo-2020. However, it picked up pace as the mega event approached, with August 2021 recording double-digit growth in the villa segment.” Speaking about the long-term impact of Expo on the Dubai property market, a representative from Elysian Real Estate said, “Expo 2020 will certainly bring a lot of focus to Dubai; however, we will see a sustained demand being created over the next two years once people who have visited the City during the event fall in love with it and look to relocate,” Top Reason for High Demand While Expo 2020 is touted as the most significant catalyst for the rising demand, many other factors have also influenced the shift in the demand curve. For starters, the emirate's timely implementation of successful strategies to handle the global pandemic played a major role in bringing foreign investors back. It also allowed new investors to enter the market and assisted in creating a stable property outlook. The latest visa reforms by authorities, including the introduction of renewable, 10-year golden visas, also led to increased activity in the property sector. Other than that, expatriate-friendly policies, such as 100% company ownership, have impacted Dubai's demand for real estate. Lastly, lower property prices compared to other international cities, such as the major US, Chinese, and UK Capitals, is a major attraction for foreign investors. As per Mr. Arjumand Niazi, Director of Turn Over Properties, “the main reason of high demand of ready properties during the last two quarters is due to the confidence of investors and end-users in the UAE as a long-term base for residence and business after amendments in personal and business laws to accommodate wider demographic lifestyle preferences.” He also believes that planning to manage COVID-19 and increased requirements for bigger spaces due to the work from home culture also led to the rising demand for ready properties. |
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