Expo 2020 looks set to drive future demand for property in Dubai
Published: 23rd September 2016
A new report out from Knight Frank has stated that it expects the Dubai property market to return to growth in 2017, as events including Expo 2020 drive increased tourism and jobs throughout the emirate.
The return to growth will be seen as positive news throughout the region, following a difficult 18 months which saw year on year prices decreases of approximately 7% in the Dubai property market.
“While we have seen a slowdown in demand for residential property in Dubai over the past 18 months, appetite remains healthy and is expected to rebound over the next couple of years as investors regain their confidence,” said Dana Salbak, the Head of Research at Knight Frank Middle East. “The real estate market is more mature, and this resilience will drive the next growth cycle.”
The increased demand for Dubai properties is set to be driven by increased levels of interest in larger scale off-plan property developments, which were very much synonymous with the initial property boom in Dubai back in 2007.