• A steady recovery recorded in the Dubai property market.
  • The last quarter of 2021 and the first quarter of 2022 expected to show the full impact of Expo 2020 Dubai.
  • The property market eyeing a new peak in property prices with accelerated growth.

The Dubai property market has been cruising on its way to recovery after the sabbatical caused by COVID-19 and other factors. However, reports suggest that property prices in the emirate are still a quarter less as compared to the peak rates they clocked in 2014.

The COVID-19 pandemic impacted the real estate sector all over the world. However, the successful management of the pandemic helped the Dubai property market quickly step into the recovery phase. Having said that, despite the recovery, property prices in Dubai are still affordable as compared to other advanced cities in the world.

The marquee event Expo 2020 Dubai was predicted to accelerate the recovery process. The effects of this event were already prevalent before it started, as of August 2021 registered double-digit growth in the villa market. The total transactions recorded in this month were the highest since January 2017. September 2021 also witnesses substantial growth as the property market crosses the AED 100 billion mark during this month.

The strong performance in the last couple of months is majorly accredited to the return of foreign investors in the market as the flight restrictions were lifted before Expo 2020. However, there has been a shift in the trend as buyers and investors are now preferring villa and townhouse segments in the most sought-after locations in Dubai.

The Real Impact of Expo 2020 Dubai

Property experts believe that the real impact of Expo 2020 Dubai will be fully evident in the fourth quarter and onwards. As the six-month-long event will drop its curtains on 31st March 2022 with the culmination of Q1, 2022, a substantial growth both in terms of property prices and demand is on the cards with new buyers discovering the market and its potentials.

The property prices in Dubai have been on the rise for the last 11 months. However, the pace of recovery hasn’t been exactly speedy. The month of September saw prices climbing up at the rate of 1.2 percent, leaving behind the difference of 19 per cent to reach the previous market peak cycle. However, property experts believe that with smaller and sustainable increases in the prices, there’s a higher chance of recovery to last longer. Not only this, but the market can hit a new peak in this cycle, with Expo 2020 pacing up things.

Being a first-of-its-kind event in The Middle East, Expo 2020 is expected to attract 25 million visitors during its six-month run. Visitors from across the globe have started flocking towards Dubai to experience the grandeur of this event that hosts over 190 countries, with each nation having its own pavilions. Only the first 24 days of the event witnessed around 1.5 million visits, while the first month recorded 2.3 million visits. This says a lot about the success of this marquee event.

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