“What’s going to happen to Dubai after Expo 2020 is over?”
That is probably the biggest question that has popped up this year. With all of the buildup before the Expo, it’s only natural to wonder what happens next now that it’s more than halfway done. Where does Dubai go from here?
From a real estate perspective, some buyers believe we are at a peak right now and are choosing to hold off on making any property purchase with the expectation that prices will slip after April. That does not represent a well-analyzed view.
If anything, Dubai real estate is on a sustained upward path and will propel itself even further than before. We are looking at a post-Expo boom.
Not tied to Expo
The big misconception about Expo 2020 is that it was designed to create a spike in economic activity over its six-month duration, with Dubai reaping benefits over the next few years. But Dubai’s focus with Expo has always been on a much larger scale – the city has its eye on the long-term benefits of creating a bridge between various global cultures by presenting itself as a hub for innovation and forward-thinking.
Expo is a way for the UAE as a whole to make a meaningful impact on the world, and to underscore the fact that there is so much more here beneath the surface of its glitzy façade.
Was there a knock-on effect from Expo that boosted Dubai’s economy last year? Of course, that was to be expected. Was Expo the only factor driving Dubai’s economy last year? Absolutely not.
In the property market, there wasn’t a dramatic increase in prices just because of Expo, and it stands to reason that we won’t see a dramatic drop right after. Instead, we would expect prices to remain on an upward trend well after Expo is done.
A destination and not a stop on the way
One thing that Expo has done quite successfully is to serve as an introduction to Dubai, particularly for the people working in and exhibiting at the event. It is a great way to discover exactly what the city has to offer – an unparalleled lifestyle that really caters to everyone, no matter what you’re looking for.
The Expo really is an excellent showcase for this city, and we think it is helping newer visitors understand why so many people call it home.”
After the Expo event ends, the site will be converted into District 2020, which is expected to grow into a key business district, attracting roughly 145,000 visitors, employees and residents. It will create a brand new avenue of growth for the city. We are already seeing demand for Dubai real estate outstripping supply – the influx of new residents that will follow the closure of the event will further strengthen demand, which will have a positive impact on prices.