how real estate impacted dubai economy
Answers
Explanation:
The upsurge in Dubai’s real estate market seems to be coming, as the years of policy reforms by the kingdom finally seems to be bringing back investors’ confidence in the sector. Long-term visas for investors and professionals, favorable payment plans and increased flexibility in debt repayment by financial institutions are some of the initiatives that have changed this mood.
IMPACT OF EXPO 2020 ON THE REAL ESTATE MARKET IN DUBAI
“Investors’ confidence has been very high since the announcement that Dubai would host the expo in October,” says Atif Rahman, Partner & Director, Danube Properties. Rahman, this year, has special reason to feel elated because Danube Properties recently delivered a massive AED 300 million luxury residential community project.
“The good news is that we have already delivered this project and the bad news is that we are 100% sold out,” quips Rahman, who believes that delivery of a project is actually the real report card for any builder.
That apart, the last quarter of 2019 had recorded close to 5,000 real estate transactions, the highest number of property sales since 2008, and Dubai’s residential stock that is projected to reach 6,37,000 this year.
Expo 2020 – which the government calls “the largest event ever staged in the Arab world will host 190 countries, and millions of visitors from across the globe. The Expo will stretch for 173 days with several themes ranging from promoting innovation and sustainability in the Arab region.
Rahman thinks that Expo in the past has changed the economy of countries that have hosted such events, “You will see a dramatic growth in local economy and rise in real estate prices. That is the power of Expo,” he says.