EXPO 2020 and a new government policy will revive the real estate market in Dubai
UAE property experts expect an increase in sales of both residential and commercial real estate.
The main incentive will be the upcoming exhibition, which will be visited, preferably by more than 25 million tourists. Even if only 0.5% of them become investors, this will contribute to a tangible surge in the market.
A number of government initiatives taken in 2019 also boost sales. These include long-term residence visas for investors, the creation of an unscheduled market committee, a new housing price index and new legislative initiatives.
The Dubai real estate market has experienced five years of price decline after the decline in oil prices, which began in 2014. The second factor that reduced the cost of Dubai real estate was concerns about the excessive supply of housing and offices in the market. According to the latest report from the JLL consulting company, in the third quarter of 2019, property sales in Dubai decreased by 7% for apartments and 9% for villas compared to 2018.
Tags: expo; 2020; uae; dubai; realestate