There has been an upsurge in residential and commercial construction at the site since the announcement of Expo 2020. Prior to the widely anticipated event, new shopping malls, hotels, and over 400 restaurants, as well as luxury residences and bike pathways, will be completed.
Developers must be aware of shifting demands from potential investors and organizations, especially as Expo 2020 prepares to welcome hundreds of new firms. Value for money, whether for larger apartments or high-end facilities, will be critical in enticing purchasers. Commercial real estate developers will need to provide investors with flexible spaces so that they can design the ideal place for their business.
We can already observe how these adjustments are being implemented. Developers are concentrating on incorporating high-end amenities such as gyms into existing living areas. Buildings that are environmentally friendly are also in the works. Developers have also been anxious to begin building new apartments and villas. Interest rates, like property prices and mortgage rates, have been lower than typical, making them incredibly appealing to those looking to buy in the market.
We foresee a rise of prospective investors in Dubai’s real estate market as a result of the influx of new visitors to the emirate for Expo 2020. Several proactive government incentives, such as the introduction of new visas; special investor and retirement visas, golden long-term visas, and the UAE Central Bank’s initiative to reduce the loan-to-value (LTV) for first-time homebuyers to 20%, have increased the likelihood of investing in Dubai. These actions will give the industry and, as a result, the economy a considerable boost.
Businesses have already started to look at how they structure and operate in public and private places. As these developments continue to have an influence on organizations, developers will be forced to reconsider their previous design approach and respond accordingly. Expo 2020 has created a new focus for investors in places like as Business Bay, Jumeirah Village Circle, Sports City, Barsha South, and locations around the Expo site in terms of future trends. While hotel occupancy remains low, the expansion of Maktoum Airport is expected to result in a significant boost in tourism to these locations. The region is quickly expanding, thanks to updated infrastructure such as new metro linkages and increased commercial and residential spaces. From Dubai, there has been an influx of visitors who have been working from home, and this is projected to continue.
Furthermore, Expo 2020’s legacy will continue to have an impact with the addition of the Dubai 2040 Urban Master Plan, which will see large-scale modifications to the city’s developed areas. The effort has mapped planned and split the city into important sectors for future urban development, with a focus on efficiency, sustainability, and mobility. It’s an exciting time for Dubai real estate, with a clearly defined road map for future development in these locations.