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District 2020 to spur Dubai realty growth – BOL News

Riaz Usman
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Riaz Usman
The Dubai property market is expected to benefit exponentially from Expo 2020’s transition into District 2020, which is planned to be a sustainable and mixed-use community with the residential and commercial spaces to retain and reuse at least 80 per cent of the infrastructure used for the world’s largest expo.
District 2020 will receive a higher level of interest from buyers and investors, both local and international, marking it the right time to invest in the future vision of Expo 2020. The areas located close to Expo 2020 will also be positively impacted by this sustainable community and will be reflected in higher demand and increased prices of properties in the emirate, according to Zoom Property Insights.
“The success of Expo 2020 Dubai has got people talking about the area, there have been millions of local and international visitors who have visited the site and are familiar with the location, and this has, in turn, spiked the interest levels of the people,” said Ayman Youssef, vice president of Coldwell Banker, UAE.
Youssef said that the fact of the location being converted into a sustainable community has increased curiosity in the people courtesy its uniqueness.
“The Expo site is slated to be repurposed into residential and commercial sectors. The streets, parks and main pavilions will be retained. Moreover, the community’s strongest selling point will be its accessibility, infrastructure and amenities. These factors are sure to attract good demand,” he added.
This impact is already visible, as increased activity is recorded in these areas with the visitors continuing to pour in to experience the grandeur of Expo 2020. The demand for short-term rentals, in particular, is higher in areas located in the proximity to the Expo 2020 site.
Apart from boosting the residential market, District 2020 will also help develop the commercial market in Dubai.
Experts believe that it will become the new commercial hub of the emirate, as Dubai World Trade Centre activities are likely to be shifted to its Convention and Exhibition Centre. This will attract more businesses and people looking for entrepreneurial and employment opportunities, ultimately supporting the innovation-driven economy.
Haider Tuaima, Head of Real Estate Research, ValuStrat, said that the District 2020 project will become one of five major urban centres as per Dubai’s master urban plan 2040 announced in early 2021.
District 2020, a future legacy of Expo 2020, is planned to have more than 200,000 square metres of grade A, LEED-certified, commercial and residential space, plus 45,000 square metres of green space.
“The location benefits from a direct link to the metro network, three major highways, 90 minutes from three international airports and one seaport. Demand has already been demonstrated from the signing of technology and innovation-focused anchor tenants such as Siemens, Terminus, DP World and Siemens Energy. On a strategic level, given its location and advanced infrastructure, there’s no doubt that District 2020 will be a successful hub for international business and act as a significant catalyst for the entire city,” Tuaima said.
Speaking about the Expo 2020’s transition into District Dubai, Ata Shobeiry, CEO at Zoom Property, said a human-centric city will promote balance and wellbeing with flexible spaces to live, work and explore.
“By utilising 80 per cent of the Expo’s infrastructure for District 2020, Dubai is setting an unprecedented example for future world fairs. This move is not only going to impact the real estate industry but the overall economy, since it will give a boost to the commercial activities in the areas closer to the Expo site,” Shobeiry said.
Sharing his insights on how Expo 2020 has changed things for Dubai, he said, the mega event has been a game-changer for Dubai economy, in general, and the property sector, in particular.
“It’s really commendable the way Dubai has handled it, amid the pandemic. The emirate has provided many people with an opportunity to explore, experience its lifestyle, and see the potential it has for them. And with its transition into District 2020, we will see more people looking for residence here, ultimately boosting the real estate sector,” Shobeiry said.
Termed as the future of Expo 2020, District 2020 will open its doors for residents, tenants and workers from October 2022, six months after the culmination of the global fair. It will feature an innovation-driven business ecosystem that supports digital innovation and the overall wellbeing, while promoting a more balanced way of life.
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