With the world’s largest trade fair coming to Dubai in 2020, the property market in the emirate is recovering ahead of what experts’ predicted.
- Property sales within the Dubai property market have increased month-on-month, with transactions reaching over AED 60 billion in Q3
- The property market appears to be experiencing a recovery ahead of expert’s predictions
- Expo 2020 is expected to attract more investment to the emirate, with property values expected to rise due to increased demand
The Dubai property market is showing solid signs of recovery as the emirate prepares to host Expo 2020 in four years’ time.
Property, mortgage and land transactions in Dubai have been picking up with the latest data showing there were 15,500 transactions worth AED 60.5 billion in the third quarter of 2016.
The data from the Dubai Land Department suggests that sales have been increasing steadily in the first eight months of the year.
“Real estate transactions in Dubai have demonstrated strong momentum since the beginning of this year, with growth increasing month by month, activity which substantiates that a positive correction in the domestic market is already well under way,” said Sultan Butti Bin Merjen, DLD Director General.
It is believed that the most important contributing factor to these robust figures remains the preparations by the government, along with leading developers, to deliver a number of large-scale projects ahead of World Expo 2020, the largest trade fair of its kind in the world.
Construction work has already started on the main site for the six-month long event which will combine science, technology, art, education and cultural exchange with participants from all over the world.
It is widely predicted that the event will attract even more real estate investors to the emirate and also push up the prices of property. The project will see new hotels and residential apartments built with cutting edge designs being used to build on reclaimed land and on the beachside.