How will Expo 2020 affect Dubai Real Estate? News
Now that we’re just a year and a few months away from the most awaited Expo 2020 in Dubai, there are current projections and expectations that are being seen, which has a direct of effect on the region’s economy. The event is much awaited as it will create a huge upsurge for the economy, most specifically in the Dubai real estate market. With this vision at hand, we can expect a greater demand for apartments for rent in certain areas in Dubai.
25 million visitors are expected which includes a huge number of new residents and investors for the upcoming Expo 2020 event. In terms of tourism for the whole UAE, this is a good sign. With this vision slowly turning into a reality, landlords are seeing a strong market for the upcoming years. If they have any property for rent that’s been vacant for long, this is a great opportunity to find a way to get their properties rented.
As for tenants trying to find an apartment for rent or even a villa for rent in Dubai, the right time to rent is as early as now. Since its being projected that a greater number of markets are expected to come by the Expo 2020 season, the supply and demand in the real estate market will constantly change during the course of time.
It was announced that a new Metro Station is about to open before Expo 2020 begins. New Metro Stations will now be accessible specifically in the area of Discovery Gardens and Dubai Investment Parks. Till then, we can expect that rental prices in these areas may change. If someone would be finding an apartment for rent in Discovery Gardens, the going rental rate may start from AED 25,000. The development of the new Metro Line in this area will most likely increase the prices of the apartments for rent in this area.
Till then, most of the projections for the upcoming Expo are yet to be seen. The bigger demand for apartments for rent in Dubai is just one of the expected effects of the said event. The future of Dubai real estate has a very long way to go as it continually matures as time passes by.