Wednesday 13 December 2017
 
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Dubai real estate riding high on Expo 2020 boom

DUBAI, 9 days ago

BY JAMIE MOULTON

With nearly $33 billion worth of projects in the pipeline for Expo 2020, a first-of-its-kind event in the Middle East, Africa and South Asia region, it's boom time for the real estate sector in Dubai, said an industry expert.

Making its debut in the Middle East region, the mega international event will positively affect almost all sectors in the emirate such as tourism, aviation, hospitality, and infrastructure. However, the biggest benefactor of the Expo 2020 will be the real estate sector.

The Expo 2020 is likely to draw more than 25 million visitors to the emirate during the six-month period. And the onus is now on the major global players in the real estate, both inside and outside the emirate to finish off their projects in time to accommodate the sea of visitors flying into Dubai.

As with the extra 5-stars hotels needed to serve Expo 2020 attendees, the real estate sector is in for a busy few years, on top of the bulging order books already for new hotels, homes and retail outlets.
It is expected that during the six months of the expo, Dubai will earn a total revenue of $38.1 billion from Expo-related activities with much credit to the real estate sector.

Dubai's vision is to use Expo 2020 to stimulate growth in its real estate sector and the scheduled Real Estate Projects are the way to achieve this vision. Here is a glimpse of the expo's effect on real estate sector.

*Deira Islands
The 15.3-sq-km waterfront city will feature all sorts of new hotels, serviced apartments, mixed-use buildings, and marinas to serve the anticipated crowds.

The developer - Nakheel - will be building a big part of the south island with a whole set of tourist attractions to make residents stay a fully-equipped one such as Night Souk, Deira Mall, and Deira Islands Towers and Boulevard. The $150-million project is scheduled for completion in the third quarter of 2018.

*Aladdin City
Under the supervision of Dubai's Municipality, Aladdin City will be built in the middle of Dubai Creek. The project, which will boast commercial offices and hotels in three towers over 34, 25 and 26 storeys tall, is set to become a major tourist attraction.

*Al Mamzar Beachfront project
Developed by Emaar at a cost of $2.72 billion, it is a mixed-use beachfront development in Dubai's Al Mamzar district. The project comprises 4,000 residential units, 300 hotel rooms, and 250,000 square meters of retail outlets. Al Mamzar Beachfront project is due for completion by the end of 2018.

*Parks and Resorts

With this massive project, which has crossed the $1.034 billion investment-mark, Dubai has taken the entertainment to a whole new level as part of its Expo 2020 preparations. Dubai Parks and Resorts master development includes three major theme parks that aim to entertain the expo's visitors and make their stay in Dubai a memorable one indeed.

*Mohammed Bin Rashid Al Maktoum (MBR) City - District One
The $8.2 million project comprises apartments, villas, and townhouses and is basically composed of four main components that include top-notch and high-end facilities. According to the developer, this landmark project is expected to be completed by 2019 where it is estimated to provide an integrated environment for the development of entrepreneurship and innovation.

*Al Habtoor City
This landmark project will include three world-class hotels besides three luxurious towers. Featuring Dubai’s first-ever St. Regis, a flagship W Hotel and a new Westin, these five-star hotels are expected to offer more than 1,600 elegant rooms. As for the three residential towers, Noura, Amna (74-storey towers) and Meera (52-storey tower); the buildings are expected to provide a wide variety of real estate products with various styles and sizes that range from stylish apartment to spacious penthouses, three of which are VIP penthouses.

That's not all, Al Habtoor City will also feature an exceptional range of leisure activities that will include Dragon show, a state-of-the-art tennis academy, and an impressive array of exclusive boutiques and cafés on the boulevard and the waterfront.-TradeArabia News Service

* Jamie Moulton is a senior real estate industry professional at Justproperty.com




Tags: Dubai | real estate |

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