Dubai’s Real Estate Market will get a Boost through Expo 2020. Here’s how…
First large-scale international event, Dubai world expo 2020 is going to take place in the Middle East.
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Dubai authorities are organizing it in a manner which matches with an international-level event. The six-month long duration of the exhibition will focus largely on trade and innovations from all over the world. UAE, especially Dubai will be transformed into a huge platform, showcasing the best examples of global products through this event. Dubai will also be benefitted in countless ways especially in real estate sector. Other benefits are discussed below:-
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5 key industries would greatly benefit which are hospitality, transportation, retail, finance, and banking. Dubai’s real estate sector will receive equal attention. Similarly, growth patterns are forecasted for entrepreneurs.
2. Employment Opportunities
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Around 3 lakh direct jobs will be created by Expo 2020 in UAE. 90 % of the jobs will be created in travel and tourism sector from the year 2018-2021. A standard chartered report reveals that knowledge regarding service industry, infrastructure development, engineering, and architecture will be priced highly by Dubai employers to ensure the preparations for Expo 2020.
3. Growth of Tourism
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This event is the third largest universal event which acts as powerful and cultural incitement for the host country. Around 25-30 million visitors will be arriving Dubai. The numbers will increase during October 2020 to April 2021. 17 million out of the total tourists visiting Dubai Expo 2020 will be international. Dubai’s hospitality and tourism sector will generate a huge amount of revenue because of this large number of tourist visiting thus, strengthening the economy.
4. Resurgence of Realty
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The recent report of UAE’s real estate property portal Bayut.com’s reveals that preparations for Expo 2020 will gain full momentum and would catalyst job opportunities, economic prosperity & infrastructure development. The resurgence of business activity is also expected in the sector. Developers have already started or finished with most work on Expo 2020-specific developments. Certain high-profile real estate initiatives are being undertaken within Expo 2020 which includes: Dubai Water Canal, Dubai theme parks, Jewel of the Creek, Museum of the Future, Deira Islands and other projects. All are anticipated to satisfy the needs of locals and international tourists.
As Expo 2020 is arriving near, Dubai is trying to grasp all the advantages that the mega-event will offer. It will also back the government’s plans to develop the emirate’s hospitality, tourism, and prolific real estate industry.