Are you curious about the upcoming Expo 2021 in Dubai? With 2020 coming to a successful close, the world is looking to Dubai’s Expo 2021 with bated breath. The announcement of the Expo in 2013 has already set a precedent of successful endeavours.
One of the most interesting effects it has had is on the real estate market. The same report states that during the pre-expo phase, construction activity has seen positive growth. While 2019 has witnessed a spike in property construction completions in both the residential and commercial sectors, 2019 has also witnessed the market going towards a stable state. The pricing is moving towards the 2009-2010 pricing range which encourages investors to get in on the market.
Expo 2021 will also witness a massive influx of about 25 million tourists from 190 countries across the world. This is favourable not just for the economy, wherein it’ll generate a GVA of AED 122.6 billion, but also for the real estate market as holiday homes are becoming increasingly popular. In the pre-expo phase alone, construction has contributed up to AED 25.7 billion.
The UAE Government has taken up the initiative to control the demand-supply ratio in the real estate market. This will drive the market to a stable state and make it even more favourable and balanced for everyone. They have set up a committee to regulate the market. In addition to this, investors also have a chance to obtain long term visas or ‘golden card’ residency permits based on their investments. The government has relaxed the regulations on foreign ownership of businesses and the central bank has removed the 20% cap on real estate lending as a percentage of total deposits. All of these factors have created extensively fruitful grounds for investors.
In addition to the above, there are multiple incentives from the developers, like post-handover payment plans, land registration fee waivers, service charge fee waivers. The banks also offer up to 75% mortgage coverage.
The Expo is, therefore, to impact the UAE in a major and positive manner. Investing in the UAE now is highly recommended so that you can reap the rewards in the near future.
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