Expo 2020-Dubai

Expo 2020 Dubai

It's nearly impossible to have a conversation in Dubai these days without mentioning Expo 2020. It seems that every resident believes Dubai will host the Expo, and in a peculiar way, the bid has united the entire city. Regardless of whether they are local or non-local, every individual feels that if Dubai wins the bid, they will also win. As residents of Dubai, we strongly support Dubai's bid to become the host nation for Expo 2020.

It is important to assess the impact of Expo 2020 on Dubai thus far. It's evident that one of the main reasons for the surge in property prices is investor confidence. The majority of investors firmly believe that Dubai will win the bid to host Expo 2020. This positive sentiment is also reflected in the business community, where rents for commercial offices and shops are increasing.

It would be remiss not to mention the report by Oxford Economics, which states that Expo 2020 will create 277,000 jobs in Dubai. Interestingly, the report also suggests that for every Expo employee, approximately 60 jobs will be sustained in other parts of the MENA region. It is clear that the entire region is poised to benefit from this opportunity.

Should Dubai win the bid, we can expect property values to rise not only in Dubai but also in Abu Dhabi, Sharjah, and Ajman. Foreign investment will play a significant role in all sectors, with the hospitality industry being the primary beneficiary. The increase in employment, particularly in the hospitality sector, will contribute to rising housing costs. In fact, housing costs have already increased by 40% this year alone.

Furthermore, we anticipate a surge in construction projects, many of which are already underway. Construction activity is expected to intensify throughout Dubai and the UAE. However, as I have previously mentioned in my blogs, the challenge of affordable housing persists. We must approach the situation from a different perspective. Even now, individuals who are employed and paying rent are finding it increasingly difficult. Once Expo 2020 is confirmed, we can expect another spike in rental prices, making it an even greater struggle for many people.

The solution, as I have emphasized before, lies in providing affordable housing. The government should take steps to ensure that affordable housing options are available to the people. This will help minimize the brain drain caused by skyrocketing housing costs. Private firms should also focus on developing affordable housing projects. Currently, every developer, regardless of their size, is primarily targeting the high-end market.

By addressing the issue of affordable housing, we can harness the positive effects of Expo 2020 while ensuring that the benefits are accessible to a wider population. It is essential to create a sustainable and inclusive legacy beyond the Expo itself.

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