In the lead-up to Expo 2020, Dubai’s property market is heating up—but it’s not all good news for luxury real estate
For those keen to establish a second home abroad, now might be the time to take a closer look at Dubai, home to Bollywood stars and a haven for politicians from everywhere. Although the Emirate’s property market has been declining for several years, the upcoming Expo 2020 is expected to yield a tidy profit for investors.
The giant exhibition is set to open in two years’ time, and the UAE government expects that it will attract 25 million visitors and new residents—as compared to 15.8 million in 2017. The consequent economic uptick is likely to benefit the property market, as Sapna Jagtiani, S&P’s credit analyst for corporate and real-estate ratings, told Reuters.
Agents on the ground agree. “Government spending in the run-up to the Expo 2020 has already increased [by almost 20 per cent from 2017 to 2018] and construction in infrastructure, hospitality and retail sectors is in full swing,” said John Stevens, Managing Director at Asteco, the Middle East’s largest full service property management company, in an email to BlackBook.
The total value of major Expo-related projects reached AED11 billion ($42.5 billion) at the end of March this year, according to data from the digital intelligence platform BNC Network. Over the same period, the total value of the top 10 active projects linked to the event exceeded Dh120 billion ($32.7 billion). The volume of construction is expected to have a knock-on positive impact on the overall economy and improve consumption.
This story is from the May 2018 edition of BlackBook — India's Luxury Insider.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2018 edition of BlackBook — India's Luxury Insider.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
No Stone Unturned
BlackBook travels to Surat to explore the step by step journey of a Forevermark-approved diamond—and what the grading giant has planned for its india expansion
The Revival Of Retail
There is nothing quite like browsing through a physical store full of curiosities and beautiful things. Is that why we are seeing a resurgence of luxury boutiques?
Bringing Their A-game
Inside Mumbai’s snazzy co-working and leisure club, The A, a members-only space with a built-in prohibition-style speakeasy and a virtual reality zone
Will India Sail Through?
The long neglected coast of India has received a new lease of life from the Indian government which is developing its ports to attract cruise tourism to the country.
The Ultimate Address In Luxury
Stellar views and large living spaces are real estate gold when it comes to residential properties in a space-starved metropolis like Mumbai. Vivarea by K Raheja Corp, with its world-class amenities, offers the best of both.
The Design Doyenne
Gayatri Ruia has created a niche for herself in the world of luxury through her diverse pursuits in art, interiors and fashion.
The golden boy
Siddharth Kasliwal, who represents a vibrant new face of luxury, upholds his family legacy even as he forges ahead with his own vision of opulence.
Jaipur Hospitality's New Finesse
For decades, royal abodes have been Jaipur’s most esteemed getaways. Now, stylish havelis, impeccable boltholes and standout restaurants dot the landscape.
The Rajputana Thoroughbred
Motorcycle enthusiasts are racing to Jaipur for bespoke bikes with an Indian ethos.
Design Story
Good Earth tells tales of enchanted India, with a contemporary lens. BlackBook speaks to CEO Simran Lal about luxury, her inspiration and upcoming wellness offerings.
