Expo 2020 Dubai: These areas will see rents rise
Representational image- Reuters
Residential property rents in some locations could go up by around 10-15 per cent.
Residential property rents in prime and waterfront locations in Dubai could go up by around 10-15 per cent during the upcoming Expo 2020 as millions of people from abroad and within the UAE will throng Dubai for the six-month period.
Analysts and executives from the real estate industry suggest that prime areas with limited supply such as Downtown, City Walk and Bluewaters Island will see an increase in rentals. This is because these places will also witness several entertainment activities during Expo that have never been seen before. In addition, areas surrounding the Expo site such as Dubai South, Dubai Investment Park and Jumeirah Golf Estate etc. could also see a rise in rentals due to higher occupancy levels for the mega event.
Let me present some numbers to you. In 2020, properties valued at over Dh5 million accounted for around 5 per cent of total sales in Dubai. So far this year, such homes have accounted for 6.6 per cent. In January 2020, homes whose price exceeds Dh7 million saw 30 properties being transacted, with Dh351 million generated. This year, January saw such sales more than and creating Dh861 million. In February last year, such sales totalled 58 properties for Dh619 million, while this year’s tally for the month was 62 properties and Dh768 million. And if we fast-forward to April, last month saw 100 properties of Dh7 million plus changing hands for Dh1.69 billion. The same last year was 41 homes and Dh514 million, which are subdued numbers because of the state of the market with COVID-19 impacting on demand.
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This, in a nutshell, is what’s starting to happen more frequently in Dubai’s real estate market as buyers and sellers get more comfortable with using cryptocurrencies to pick up traditional assets.
“All the sellers we dealt with received their payments in the form of fiat currency (which is government-issued),” said Firas Al Msaddi, CEO of fam Properties. “As per the rules of Dubai Land Department, there has to be a manager cheque made by the buyer to the seller and handed over to the seller on the date of transfer.”