DUBAI 11 January 2019: With 2020 a mere year away, the pending Expo will be one of the most significant events in Dubai’s modern history.
The first event of this magnitude to take place anywhere in the Middle East, the trade show will represent the UAE’s new identity as a worldwide travel destination. Over 180 countries will be represented during the six-month exposition, and more than 25 million people are expected to visit—at least 70% from outside the UAE.
It is an opportunity for Dubai to show the world their ability to host events on such a grand scale, and that Dubai is a place not to be missed when making travel plans.
The overall impact of Expo 2020 to Dubai has three phases:
- Construction and preparation until October 2020
- During the event from October 2020 to April 2021, and
Throughout all of these, one constant is the need for accommodation for those involved in the development of the site, for the visitors coming during the exposition, and then for the on-going boost in tourism that this event will generate. It’s estimated Expo 2020 will create a need for 70 million additional room-nights.
With that in mind, Anna Skigin, CEO and Founder of property management company Frank Porter, is adamant that now is the right time to buy. ‘Those already investing in providing accommodations have seen a strong ROI before Expo has even started – this is only expected to increase during, and after Expo 2020 with non-Expo visitors to Dubai already estimated to be 16 million guests’ she comments.
Due to the nature of Expo, rentals will fall in the favour of short-term leases, allowing buyers to stay at their own property when needed, and rent out when not. If you are a property owner already, it makes sense to get your home listed now, get the 5* reviews traction and make the most money when the times comes.