Real estate officials have confirmed that several areas close to the "Expo 2020 Dubai" site have recently experienced an increase in rental demand for residential units, such as apartments and villas, ranging between 5% and 15%. They attributed this growth in demand to the upcoming international exhibition and the commencement of operations of the "Dubai Investment Park" and "Expo" stations located on the "Route 2020" of the Dubai Metro. They expect a gradual increase in demand in these areas as the date of the exhibition approaches.
**Growing Demand**
Dr. Raad Ramadan, General Manager of "Awad Qargash Real Estate Company," stated that there has been a growing demand for certain areas near "Expo 2020 Dubai," with increases of 5% to 15% compared to the first quarter of this year. He added that there has been significant interest in residential villas in the "Jumeirah Park" and "Spring" areas, as well as varying demand for residential units, particularly in the "studio" and "one-bedroom" categories across different regions in Arabian Ranches. The approaching date of the exhibition is motivating several clients to take advantage of price stability in those areas and rent now, anticipating price increases before and during the exhibition.
Ramadan predicted that demand would rise by larger percentages gradually in the coming periods, especially with Dubai's rapid economic recovery from the impacts of the Covid-19 pandemic and the resumption of activities across various sectors, coinciding with full implementation of precautionary measures. Meanwhile, various countries are experiencing partial or complete lockdowns intermittently, which has encouraged several investors to explore opportunities for residence and work in Dubai, particularly with the upcoming "Expo 2020 Dubai," highlighting these factors as catalysts for demand in areas near the exhibition.
**Catalytic Factors**
On his part, Walid Al Zarouni, Chairman of "W Capital Real Estate Brokerage," noted that several geographically close areas to "Expo 2020 Dubai" have recently witnessed growth in the rental demand for residential units by rates ranging between 10% and 15% compared to the first quarter of this year. He clarified that several factors stimulated residential rental demand in that area, including the imminent date of the exhibition and the recent real estate activity witnessed in Dubai, facilitated by effective management of the pandemic. Additionally, the opening of the "Dubai Investment Park" and "Expo" stations on the "Route 2020" of the Dubai Metro, with the metro route expected to extend to other stations, has played a role.
Al Zarouni pointed out that the demand was concentrated in Arabian Ranches, Jumeirah Village Circle, and Dubai Investment Park, with the "studio" and "one-bedroom" categories holding the largest share of the demand. He also mentioned expectations of increased demand at even higher rates in the coming periods as the countdown to "Expo 2020 Dubai" continues.
**Notable Improvement**
In this context, Mohannad Al Wadia, Managing Director of "Harbour Real Estate," indicated that the rental markets in Dubai have generally shown a noticeable improvement, with a significant portion of the demand growth concentrated in areas close to "Expo 2020 Dubai," such as "Arabian Ranches" and "Motor City," with increases between 10% and 15%. He noted that the impacts of "Expo 2020 Dubai" on the real estate landscape of the nearby areas would become more apparent in the coming periods and gradually, anticipating varied changes in prices should demand continue to grow.
