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.