Readying for change
Preparations for the World Expo 2020, which will be held in Dubai, are progressing well, according to Helal Al Merri, CEO of the Dubai World Trade Centre (DWTC).
A wide range of projects are in development for the big event, whether it be in the retail sphere or roads & transport. Work on many of these developments has already begun, giving investors new options when it comes to Dubai property. In fact, Dubai's success in recovering from the crash has been touted by prominent individuals across the globe. "The way Dubai has been able to rebound is just incredible and it's a great example for the world," said Donald Trump Jr., executive vice president, The Trump Organisation.
When it comes to improving general infrastructure, Mattar Al Tayer, chairman of the Board and Executive Director of RTA, announced recently that around 35 projects worth AED30 billion will be completed in the next few years including a 15km extension of Dubai Metro Red Line to the Expo 2020 site.
Meanwhile, developers have launched over 40 projects, including 17 focused on villas and townhouses. Separately, Dubai Land Department said it has registered a total of 6,636 properties across the emirate in the first six months of the year.
However, there is still much more that needs to be done in preparation for the event. In the coming months, we expect more announcements to come through about other exciting projects in Dubai, all catering to the rush of investors that will come in as a result of the Expo.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Projects valued at AED30 billion will be built in Dubai to boost the emirate's infrastructure as it gears up to host the Expo 2020. Developers across the city are already readying themselves for increased visitors, need for commercial space and retail venues. In this time of flux, the emirate's residential property market is also undergoing changes with new developments coming up every day. It's an exciting time to get involved in real estate to see the new heights the market is bound to reach in the coming years.