Top Things To Know About Expo 2020
The majority of us definitely realize how Dubai’s Real Estate sector is extremely appealing from a speculation point of view in the present situation. Costs have been falling steadily, sales figures are going up and there are new projects in the offing. However, costs should begin rising again after another a new wave of infrastructural, scientific , technological and socio-economic development overwhelms Dubai in the year 2020. So what’s the huge mega event coming in 2020?
It’s none other than the Dubai Expo or World Expo 2020 that is ready to change the essence of the Emirate while boosting its Real Estate Market immensely. Before getting into the effect of this worldwide event on property market in dubai, we should dig further into what the Expo really is.
What is the Dubai Expo 2020 about?
The World Expo 2020 will be taking place in Dubai, UAE in the year 2020. Here’s looking at the key details behind the mega event:
- The 2020 World Expo will take place between the 20th of October, 2020 and 10th of April, 2021 in Dubai.
- The Expo site is located in Dubai South and covers a whopping 438 hectares near the Al Maktoum International Airport.
- The UAE was elected by BIE (Bureau International des Expositions) Member States for hosting the World Expo 2020 during the General Assembly that took place on the 27th of November, 2013.
- The formal registration was done for the Dubai Expo 2020 at the General Assembly held on 25th November, 2015.
- The theme of the Expo is Connecting Minds, Creating the Future and there will be three divisions likewise, namely Sustainability, Mobility and Opportunity.
- The first ever World Expo took place in the Crystal Palace, London in the year 1851 and 100,000 items were showcased including industrial revolution innovations.
- The World Expo has seen multiple pioneering inventions being showcased over the years including the typewriter (1876), telegraph (1851), colour television (1964) and diesel engine (1900) among several others.
- Sheikh Mohamed bin Rashid, Vice President and Ruler of Dubai, has already expressed his pride for the teams which earned this major accolade for Dubai.
- The Dubai Metro Route 2020 will be transporting 46,000 people every hour from and to the site of the Expo in less than 16 minutes from the Dubai Marina.
- Al Wasl Plaza will be the central zone at the site which will manifest the theme not just through physical installations but also through a dome which will function as a 360-degree screen during night-time, projecting images to all visitors.
- This plaza will connect the Sustainability, Opportunity and Mobility districts and the Dubai Metro network along with the UAE Pavilion with 7 entrances and exits.
- The dome will go up to 65 metres in terms of height with a 150m diameter and will accommodate 10,000 visitors as per reports. There will be parks, waterfalls, fountains and courtyards lined with palms in the dome.
- Every country that is participating will have its own pavilion. The UAE’s pavilion has been inspired by a falcon and has been designed by Santiago Calatrava.
Impact on real estate market
The World Expo 2020 will have a far reaching impact on the Dubai real estate market. There will be more investments from foreign players in the property market while several new residential projects will also be completed before and after the mega event. Infrastructural development in the Emirate on account of the Expo 2020 will also spark widespread real estate development.
The World Expo 2020 will be sparking development of a knowledge economy in Dubai and the site will be transformed into a major global destination for science, technology, social development and education. 80% of the site will be re-used as per reports.
Here are key pointers to keep in mind in this regard:
- A city is being built in the Dubai South District and will support future growth plans.
- Siemens is among many companies that will be setting up base here. Siemens will be establishing its logistics base here and a conference cum exhibition centre will also be built.
- This will be operated by the Dubai World Trade Centre and several projects in the commercial space are expected in and around the 2020 Expo site.
- There are several residential real estate projects coming up in the vicinity of the World Expo site and the metro network will lead to major appreciation in the future.
- Demand has already gone up exponentially for residential real estate in surrounding areas as per reports. The Expo will draw a whopping 25 million visitors and 70% of the tally will come from other countries. There will be an influx in population and foreign investments in property.
- Real estate developers are being encouraged by developers to come up with new projects with sufficient units to accommodate the growing population expected after the mega event.
- Demand is expected to go up for residential real estate post the 2020 World Expo in established locations like Town Square and JVC (Jumeirah Village Circle) along with MBR City which will benefit from its proximity to Downtown Dubai.
- A large number of new housing units are expected to be available during the 2020 Expo and this will give buyers more choices. Ready to move properties will naturally be more popular and these can be found at attractive prices. Dubai Marina and Business Bay are other locations that will also benefit.
As can be seen, Dubai’s Real Estate market is currently favorably tilted for buyers since the prices are on the lower side. However, experts feel that this is the best time to buy since prices will start recovering again after the 2020 World Expo since demand levels will rise sharply across the Emirate. The 2020 Dubai Expo will impact the Emirate’s real estate market positively, something which should bring good cheer to real estate developers and industry players.
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