Dubai Expo 2020 will mark a new real estate era
In the midst of a construction boom that is transforming the Emirates, Dubai is getting ready to host Expo 2020.
Expo 2020 will be a festival of human ingenuity and 25 million people are expected to attend. With the theme ‘connecting minds, creating the future, the event will showcase the future of humanity through opportunity, education, employment, governance, financial capital, and new industries. It’s the first time World Expo will be hosted in the UAE and Dubai is proud to have been chosen to host this event. It will be a great opportunity for the Emiratis and their city to show the world the greatness they have achieved in such a limited amount of time.
“Expo 2020, Dubai, will provide an unprecedented opportunity for countries in the Arab World and Latin America to redefine themselves on a global scale,” said Reem bint Ibrahim Al Hashimy, Minister of State for International Cooperation and Director-General of Expo 2020 Dubai. Dubai has always been extremely hospitable to expats and nationals from other countries and with Expo 2020, the Emirates explores new partnerships with different nations.
Hamad Buamim, president and chief executive officer of the Dubai Chamber of Commerce, recently discussed the potential collaboration with South Korean companies in blockchain technology and the internet of things.
What Dubai Expo 2020 has to offer for real estate
Expo 2020 will also mark a new era for Dubai real estate. In 2017 alone, almost $2.99 billion worth of construction contracts were awarded to the city, with another 120,000 apartments expected to come to market before the event. Our experts at Copperstones, predict that Dubai is now ready to set up strong foundations and continue growing steadily. According to Oxford Economics, Dubai GDP recorded a growth of 3 percent at the end of 2017.
With Dubai’s property market slowing down, solid development schemes will increase the supply. Prospective buyers who want to live or invest in Dubai should consider this period as a great chance to get their money’s worth.
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