Green areas in Dubai to be increased in time for Expo 2020

A $23 billion boost to the economy by Expo 2020 has been predicted by the Global Emerging Markets report by Bank of America Merrill Lynch. As Dubai celebrates its Expo triumph, Gulf Business takes a look at the diverse areas which are expected to experience growth and development across the cityscape in the lead up to the 2020 event.

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Some of the world’s most powerful luxury brands fill the 95 malls, markets and souks in Dubai and during the city’s short history it has become internationally recognised for its retail market.
“The retail sector in Dubai has always been strong, underlying the nation’s growth,” said Majid Al Ghurair, chairman of the Dubai Shopping Malls Group.
“As Dubai increasingly becomes recognised as a centre of commerce for the Southern Hemisphere, the Expo could potentially boost this reputation with exponential growth of up to four times [the current retail sector],” Ghurair said.




Property prices in Dubai are set to increase in the short term, but with the real estate sector will witness a stable and sustainable growth in the long run, believe experts.

Jones Lang LaSalle, a global real estate consultancy, says the direct impact of Expo 2020 win will be on investor sentiment, leading to rise in asking price for both plots and ready villas/apartments in developments close to the Expo site and Jebel Ali area.

Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, adds: “We anticipate there could be jump in prices on a instant basis and with a gradual increase on 'actual demand'. Most benefiting could be TIER 2 communities and majority of them are on the corridors of the main Expo venue.”

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