Expo 2020 to Trigger Demand for Properties, Shunning the Oversupply
PRESS RELEASE
Dubai, United Arab Emirates, 28th March 2019
With 81 weeks and 4 days left until Expo 2020 Dubai, over supply of projects in Dubai is a thing of the past now. According to major players of the industry that participated at the Dubai Property Festival (DPF), Expo 2020, which is expected to attract 25 million visitors, of which70% will be fromoutside the UAE, the global event hastriggered a spate of high demand for Dubai’s real estate sector.
Citing government's initiatives like 100% foreign ownership and 10-year visa as the key drivers, the exhibitors remained optimistic about the future of the realty sector in the region.
Mr.Farhad Azizi, CEO, Azizi Developments, said: “Dubai’s real estate sector is witnessing a surge with Expo 2020 being around the corner. DPF is a valuable platform that gives attendees the opportunity to familiarize themselves with our speedily-progressing projects to capitalise on exceptional deals. In line with our Year of Construction, which we dedicate to our rapid progression in construction and delivery, we are offering exclusive IPS pricing on developments that will be completed in 2019.”
DPF, in partnership with the International Property Show (IPS), commenced on 26th, concluding on a buoyant note on 28th March at the Dubai World Trade Centre. The show witnessed the presence of Brigadier Tarig Saeed, Administrator of Defense Housing Authority, Islamabad, Pakistan, who toured the exhibition and also visited Capital Smart City’s stall in the presence of the Chairman Saeed Rafiq.
“This year’s DPF is positive. There are several new participants like Morocco and Mauritius, and with more potential customers and actual investors looking for robust projects, we are confident that this forum will turn several of our leads into customers,” said Karim Badran, Sales Team Leader at Trafalgar Properties.
In addition to Dubai, Sharjah is witnessing a huge demand for sustainable projects and has become the latest Emirate in the UAE to plan a solar-powered community, after the state-controlled investment fund said it will develop an AED 2billion sustainable city in partnership with a Dubai real estate developer.
While local projects witnessed a huge demand at the show, a regional project called Jardin Eden in Turkey, which is 80 km from Izmir Airport and 5 km from Alaçatı airport, also received a great response. With 118 villas surrounded with pools, 100 residential hotels, 3 mansions, a private beach surrounded with latest facilities as supermarkets, private parking, and security, the project is one of the biggest developments in Turkey. The project is managed by Tasceken Group and was awarded the best villa project in 2016. The company has delivered more than 2,000 residential units in 30 years with villa rates ranging between 475,000 to 3 million Euros.
In addition to Turkey, Saudi Arabia’s ‘Shrakat Program’, a Ministry of Housing Program in KSA, was another highlight of the event. “We are pleased to participate in this show. Our aim is to highlight ‘Shrakat Program’, a partnership program with the private sector and real estate developers which supports the housing sector in Saudi Arabia. As per the 2030 vision, The Ministry of Housing in KSA aims to provide beneficiaries with top facilities through these houses. Saudi Arabia’s residential market has seen an uptick, and we aim to increase the number of owners to 60% by 2020 and 70% by 2030. We are expanding our facilities all around Saudi Arabia, and with more than 60 developers working with us, we aim to expand our projects to more cities. The Ministry of Housing Program in KSA allocates units and increases the number of housing and financing options in cooperation with the private sector, banks and real estate developers, in more than 16 cities around the Kingdom, at prices ranging from 250-750 thousand riyals per unit,” said a spokesperson from Shrakat Housing, a Ministry of Housing Program in KSA.
With several best-practices being addressed in the past few days, the last day of the show shed light on the impact of cutting-edge technologies such as blockchain, artificial intelligence, and the Internet of Things (IoTs) on real estate. Investment Destination Forums featured the property markets of Mauritius, Pakistan, and Europe (Portugal, Georgia, and Greece), whereas the plenary session titled ‘IT at Nowadays’ Real-Estate Market Solutions and Know-How for Real Estate Professionals was staged along with two Dubai Real Estate Institute (DREI)-led training courses.