Supported by the approaching date of the exhibition .. and the start of operation of the metro stations "Dubai Investments" and "Expo"
Realtors: Rental demand for areas close to "Expo 2020 Dubai"
There is high demand for residential villas in the areas of "Jumeirah Park" and "Spring".
Real estate company officials confirmed that several areas close to the Expo 2020 Dubai site have recently witnessed a growth in rental demand for residential units, including apartments and villas, at rates ranging between 5 and 15%.
They attributed to "Emirates Today", the growth in demand, to the approaching date of the international exhibition, and the start-up of the "Dubai Investment Park" and "Expo" stations, which are located on the "Route 2020" of the "Dubai Metro", expecting that demand will gradually rise in those areas , during the coming periods with the countdown to the establishment of the exhibition.
The Director General of Awad Gargash Real Estate Company, Dr. Raad Ramadan, said that the recent period has witnessed a growing demand for some areas near Expo 2020 Dubai, with rates ranging between 5 and 15% compared to the first quarter of this year.
He added that the demand witnessed a large demand for residential villas in the areas of “Jumeirah Park” and “Spring”, in addition to varying rates of demand for housing units, concentrated in the categories of “studio” and a room and a hall, in different areas of the Arabian Ranches, pointing out that the approaching date of Holding the exhibition motivates a number of dealers to benefit from price stability in those areas, and to rent now, with expectations of higher prices before and during the exhibition.
Ramadan expected that demand rates will gradually increase in greater proportions during the coming periods, especially with the rapid economic recovery that Dubai recorded from the effects of the “Covid 19” pandemic, and the resumption of activities in various fields with the full application of precautionary measures, at a time when a number of countries are witnessing partial or complete closures. At intervals, which stimulated the attraction of a number of investors to discuss opportunities for residence and work in Dubai, especially with the approach of "Expo 2020 Dubai", pointing out that this is one of the factors that stimulate demand in the areas near the exhibition.
For his part, the Chairman of the Board of Directors of the "W Capital" real estate brokerage, Walid Al Zarooni, said that a number of areas geographically close to the site of "Expo 2020 Dubai" recently witnessed a growth in demand for renting housing units at rates ranging between 10 and 15% compared to the first quarter of this year.
He explained that there were factors that stimulated residential rental demand in that region, most notably the approaching date of the exhibition, and the state of real estate activity that Dubai recently witnessed, in light of the success of dealing with the conditions of the pandemic, as well as stimulating factors with the opening of the “Dubai Investment Park” and “Expo” stations. The two are located on the "Route 2020" of the Dubai Metro, with the metro route extending to other stations later.
Al-Zarouni pointed out that the demand was concentrated in the areas of Arabian Ranches, Jumeirah Village Circle, and Dubai Investments Park, at a time when the “studio” and “room and lounge” categories accounted for the largest percentage of demand, pointing to expectations of demand increases and greater rates during the coming periods, with the countdown to date Expo 2020 Dubai.
In the same context, the managing director of Harbor Real Estate Company, Muhannad Al-Wadiya, said that the rental markets in Dubai in general have witnessed a remarkable improvement, pointing out that a large percentage of the growth rates in demand are concentrated in areas near the “Expo 2020 Dubai” exhibition, such as “The Ranches.” Al Arabiya, and Motor City, with rates ranging between 10 and 15%.
He pointed out that the effects of "Expo 2020 Dubai" on the real estate map in the areas near it, will appear more clearly in the coming periods and gradually, expecting that these areas will witness varying changes in prices in the event of continued demand growth.
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