Samir Salya on the rising demand for Dubai Property

There is a growing demand for real estate in Dubai. In fact, the Dubai Land Department (DLD) states so in its latest report. This increase comes as the area prepares for Expo 2020 Dubai, bringing in new investors and presenting real estate areas across all property sectors.

Expo 2020 Dubai

A global destination for millions, Expo 2020 is the date everyone in the UAE is looking forward to. Starting on 20 October 2020, the expo will showcase innovation, share ideas and encourage collaboration. Due to the success of previous expos (they are held every five years and last for six months), many people are being driven to the area, resulting in a positive effect on the Dubai property market.

Marjan Faraidooni, Senior Vice President of Legacy Development and Impact at Expo 2020 Dubai, spoke to The National about the benefits, saying: “We are building a city in Dubai South that is here to stay and will bolster the many other plans for growth that our leaders have for the country.”

Impact of the Expo

Sultan Butti bin Mejren, Director General of DLD, underlined the importance of the Expo in this turnaround. Bin Mejren said: “We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories.”

He added: “The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai.”

Rising construction

According to the ‘Expo 2020 Dubai – Infrastructure Development Report’ prepared by BNC Network for The Big 5, Dubai is currently driving a high volume of construction activities across the region. The total estimated value is between USD 2 billion and USD 4 billion.

Siemens has already announced its setting up a global logistics base on the Expo site, with other companies looking set to follow. This will bring in further residential and business-based property opportunities in the future. Once the site is fully developed, it is expected to house about 1 million residents and create 500,000 jobs.

Further investment

As well as driving construction in the area, the demand for existing real estate is growing. The expo is expected to give a boost to the area surrounding the site’s developments, particularly in Dubai South. Off-plan sakes in the first 7 months of 2017 have increased by 285 per cent.

According to the DLD’s report, the first nine months of 2017 saw a total of 52,170 transactions recorded. These have the total value of Dhs204 billion. Along with 11,699 mortgage transactions worth Dhs102 billion, the area is showing promising signs for the future.

Bin Mejren summarized the report: “The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors.”

About Samir Salya

Samir Salya is the Chairman of Reign Holdings and is involved in UK and UAE real estate and construction. Samir holds over 20 years’ experience in executive management, business expansion, performance improvement, sales and marketing.