District 2020 expected to drive Dubai real estate future growth
The Dubai property market is expected to benefit exponentially from Expo 2020’s transition into District 2020, which is planned to be a sustainable and mixed-use community with residential and commercial spaces to retain and reuse at least 80 per cent of the infrastructure used for the world’s largest expo.
According to Zoom Property Insights, District 2020 will receive a higher level of interest from buyers and investors, both local and international, marking it the right time to invest in the future vision of the Expo 2020.
The areas located close to Expo 2020 will also be positively impacted by this sustainable community and it will be reflected in higher demand and increased prices of properties in the emirate.
This impact is already visible as increased activity is recorded in these areas with visitors continuing to pour in to experience the grandeur of Expo 2020. The demand for short-term rentals, in particular, is higher in areas located in proximity to the Expo 2020 site.
Apart from boosting the residential market, District 2020 will also help develop the commercial market in Dubai. Experts believe that it will become the new commercial hub of the emirate as Dubai World Trade Centre activities are likely to be shifted to its Convention and Exhibition Centre. This will attract more businesses and people looking for entrepreneurial and employment opportunities, ultimately supporting the innovation-driven economy.
Speaking about Expo 2020’s transition into District Dubai, Ata Shobeiry, CEO at Zoom Property, said human-centric city will promote balance and wellbeing with flexible spaces to live, work and explore.
“By utilising 80 per cent of Expo’s infrastructure for District 2020, Dubai is setting an unprecedented example for future world fairs. This move is not only going to impact the real estate industry but the overall economy, since it will give a boost to the commercial activities in the areas closer to the Expo site,” Shobeiry said.
Sharing his insights on how Expo 2020 has changed things for Dubai, he said the mega event has been a game-changer for Dubai economy in general and property sector in particular.
“Its really commendable the way how Dubai has handled it amidst the pandemic. The Emirate has provided many people with an opportunity to explore the emirate, experience its lifestyle, and see the potential it has for them. And with its transition into District 2020, we will see more people looking for residence here, ultimately boosting the real estate sector,” Shobeiry said.
Termed as the future of Expo 2020, District 2020 will open its doors for residents, tenants, and workers from October 2022, six months after the culmination of the global fair. It will feature an innovation-driven business ecosystem that supports digital innovation and overall well-being while promoting a more balanced way of life.
Zoom Property is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in KSA, the UK and other regions on the platform to facilitate buyers and renters. It is also popular among developers, real estate brokerages and property sellers.
Meanwhile, the Expo 2020 has transformed the landscape of Dubai. The whole world will have now a reason to visit Dubai. The world is now hailing the vision and courage demonstrated by the leadership of Dubai and the UAE at this special time facing all the challenges and turning the challenges as blessings. About 3 to 5 per cent of people visiting Expo 2020 is expected revisiting Dubai or planning to make Dubai their residence post the Expo.
In 1851 the Crystal Palace was the centrepiece of London’s Great Exhibition – the first World Expo. It celebrated the man-made industrial wonders of a rapidly changing world. Architecture, contents and a theme, ‘Industry of All Nations’, were combined to create a big idea of nations meeting nations in shared technological and commercial progress. In more recent years, participants in World Expos, including governments, international organisations and companies, have gathered to find solutions to universal challenges and to promote their achievements, products, ideas, innovations, their national brand, and their nations as destinations for tourism, trade and investment.
World Expos are held under the auspices of the Bureau International des Expositions (BIE), the intergovernmental organisation responsible for overseeing and regulating international exhibitions (‘Expos’) and for fostering their core values of Education, Innovation and Cooperation. Today, four types of Expos are organised under the BIE’s auspices: World Expos, Specialised Expos, Horticultural Expos and the Triennale di Milano.