Buzz around upcoming megaevent already being experienced by market players across a number of sectors, says Kalpesh Kinariwala
With less than a year to go for Expo 2020 Dubai, the UAE’s real estate industry is seeing an increase in confidence from investors, along with positive traction in the market, the founder and chairman of Pantheon Group has said.
In a statement, Kalpesh Kinariwala said that the buzz around the upcoming megaevent is already being experienced by market players across a number of sectors in the UAE, and particularly in the real estate sector.
“The upcoming Expo 2020 is adding to the business confidence of real estate investors, and there is positive traction in the market. More professionals and experts are taking up residence in the city to support the preparatory work, and all core sectors – including aviation, tourism, retail, hospitality, logistics and financial services – are gearing up with new investments, which is ultimately energising the economy,” said Kinariwala.
“Market players are expecting additional demand and capital appreciation during and after the world’s biggest show, which is expected to woo 25 million international visitors. They will get a chance to ponder over the opportunity to relocate and settle in the UAE, particularly Dubai,” he added.
According to an Ernst & Young report, the legacy period of Expo 2020 – estimated to last between 2021 and 2031 – is expected to contribute $16.3 billion in gross value added to the UAE economy.
The E&Y report estimated that within the total $33.3 billion GVA contribution of the Expo 2020 from 2013-2031, $7.35 billion can be attributed to the construction sector alone. It also added that that Expo 2020 Dubai has the potential to create thousands of jobs and stimulate investment, particularly in the real estate sector.
In its statement, Pantheon Group added that the current focus of property developers is on offering competitive deals, through easy payment plans, which will further incentivise investment into the home ownership sector. This will help build the most competitive real estate sectors and create long-term value for property buyers and investors, it explained.
“Relaxed property buying norms and freebies from the developers will further help in wooing new population to the country,” said Kinariwala.
The company handed over its first affordable luxury project Pantheon Boulevard, valuing at $40.8 million, in Jumeirah Village Circle. Its second project Pantheon Elysee is underway at District 13, Jumeirah Village Circle. This $49 million project will comprise of 268 residential and commercial units. It is likely to be delivered by October 2020, just before the beginning of the World Expo 2020.
Highlighting Dubai’s central geographic location, world-class infrastructure and the highest standards of safety and security, Kinariwala said the emirate is poised to impress the visitors, leading to the arrival of more professionals and entrepreneurs to the city.
“In addition to the resident population and the international investors already aware of the potential offered by the city, the new stream of people is also expected to invest in the UAE property market,” he said.
“A massive marketing to promote the Expo is likely to benefit the emirate for decades,” Kinariwala said. “The image of Dubai will long be in the mind of the global population, and this will definitely have a far-reaching effect on people’s ideas of moving to and settling in Dubai, attracting a new population to the city, ultimately giving the market some well-needed stability.”