The exhibition promoted investment in digital transformation and sustainable technologies
Expert: Dubai real estate is on an upward trend after the "Expo"
«Expo» boosted the demand for industrial facilities, including the Dubai Investment Park.
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Michael Waters: "The demand for commercial real estate is focused on well-built, well-built, environmentally friendly, well-developed units."
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Assistant Professor at Heriot-Watt University Dubai, an expert in the real estate sector, Michael Waters, told "Emirates Today" that the real estate market in Dubai is currently witnessing an upward trend, and a remarkable recovery, especially after the "Expo 2020 Dubai" exhibition, as the upward trend is observed. In both prices, the demand for residential real estate.
He attributed the main reason for the growth mainly to «Expo», where the areas closest to the site of the World Expo are doing very well.
He added that the residential real estate market in the UAE is poised to grow at a compound annual growth rate of 12.36% by 2026, as reported by Mordor Intelligence, a research company.
Important directions
Waters continued: "Apart from this growth, (Expo 2020 Dubai) is driving important trends in the real estate market, including: sustainability, demand for flexible office space, technology adoption, in addition to the government's focus on clean energy goals, and access to net (zero) ) emissions, through its unique and sophisticated buildings, and here the role of (Expo) cannot be denied in inspiring the continuity of these trends.”
He stressed that "Expo 2020 Dubai" reinforced the sector's need to invest in digital transformation and sustainable technologies, to demonstrate efficiency in business in the future.
The beginning of the future
He said: "(Expo 2020 Dubai) is just the beginning of the new future of Dubai, and it is expected that the positive impact of this global event will continue, and consequently the continued development of business, and encouragement of foreign investment in the country, which will allow for further diversification of the economy, and the establishment of a prosperous and attractive place to live, work and opportunities Fantastic investment.”
annual growth
Waters stated that the official statistics show that 17,942 deals, worth 46.75 billion dirhams, were recorded during the last quarter of 2021, which indicates a growth of 12.7% on a quarterly basis, and 63.2% on an annual basis, compared to the fourth quarter of 2020.
long effect
Waters expects this effect to continue for a longer period, as the Expo site will be converted to District 2020, while retaining at least 80% of its infrastructure and resources.
He expected this site to attract more investments from foreign investors, which will positively affect the UAE economy in general.
He added, "Furthermore, with the addition of the Dubai 2040 Urban Master Plan, the legacy of (Expo) will continue to influence the real estate sector in the emirate."
Initiatives and incentives
Waters drew attention to many initiatives and incentives aimed mainly at attracting more foreign direct investment, such as the 10-year residence visa, retaining talented and talented people, in addition to the companies' law, and the creation of new visas, with the aim of exploring business and investment opportunities.
He pointed out that all these indicators make the UAE an ideal place to invest in, and contribute to the growth of the real estate market in Dubai, in addition to "District 2020", which will undoubtedly bring new business and economic growth to Dubai.
optimistic forecast
Waters continued: "The International Monetary Fund expects strong economic growth, and continued diversification into the non-oil economic sectors, as we saw in the (Expo) which accelerates urban development in Dubai, and enhances its attractiveness as a place to live, work and visit for years to come."
Waters expects the exhibition site to boost demand for warehouses and other industrial facilities in and around the region, including Dubai Investments Park.
He pointed out the possibilities of establishing new business in the areas surrounding the exhibition site, as the demand and value of these areas is expected to increase even more.
Waters said that the demand for commercial real estate is currently focused on well-built and environmentally friendly advanced units, so developers would be wise to keep this in mind, while providing flexible spaces that allow tenants and buyers alike, to adapt their spaces to their individual needs.
He stressed the need to provide value for money for large units or high-end facilities, which will be key to attracting buyers.
Waters felt that interest rates were lower than usual, as were real estate prices and mortgage rates, making them very attractive to those looking to buy.
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