There has been a lot of buzz about the World Expo 2020 this week following a speech given by Princess Haya bint Al Hussein at the Bureau International des Expositions—the international organisation responsible for selecting World Expo host cities. With the city of Ayutthaya, Thailand, being disqualified, Dubai faces competition from Sao Paulo, Brazil, Izmir, Turkey and Yekaterinburg, Russia. The winner will be announced in November 2013.
With political tensions in Turkey escalating, many spectators claim Dubai’s chances of securing the bid are high. Currently, the UAE has secured the support from the British and French Governments. Turkey, on the other hand, has secured support from South Africa.
Should Dubai secure the bid to host the World Expo, a recent paper from Oxford Economics estimated that a total of 77,149 jobs would be created between 2013-2021—the bulk of which would be within the travel and tourism sector. In total, the paper estimates 277,149 employment opportunities would be created—90 percent of these opportunities would be apparent from 2018 to 2021. The expo is expected to bring in 25 million visitors during the course of the event.
But how will a possible win affect property? Some buyers are reconsidering purchasing property in anticipation of the announcement. Are they justified in their concerns? Better Homes’ real estate consultant Naveed Khan thinks so:
“Buyers are questioning this but most of the buyers have done there calculation on Expo 2020. They want to buy now -or during summer - because they know during and especially after summer price will increase, which is normal” he said.
“If Expo 2020 is confirmed, I expect some price increases specifically prices in the Dubai Word Central area. Prices for residential land had already gone up by 30% in last two months for this area. Right now we do have land available for sale at AED 110 per sq.ft.” he added.
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