Dubai Real estate might have a gigantic increase during the following seven years and beyond thanks to the decision to give hosting of World Expo 2020 Dubai.
Long term development, in addition to increased tourism, could help the property and food sectors in the future, as per a study from the realty company, Jones Lang LaSalle.
Nevertheless, care must be taken, to make certain that increased sentiment doesn't cause an unsustainable scenario developing within the Dubai real estate market particularly, stated Alan Robertson ceo of the company.
Long term development, in addition to increased tourism, could help the property and food sectors in the future, as per a study from the realty company, Jones Lang LaSalle.
Nevertheless, care must be taken, to make certain that increased sentiment doesn't cause an unsustainable scenario developing within the Dubai real estate market particularly, stated Alan Robertson ceo of the company.
"While the Expo can lead to long term advantages for the Dubai economy along with the real estate market, the short term impact must be handled carefully to prevent the inevitable hike in opinion translating into excessive cost increase or higher development," he stated.
Expo 2020 is anticipated to include 2 percent to Dubai's GDP, in addition to produce 277,000 jobs.
That improved demand would normally imply rent and cost increases during the following seven years, said Craig Plumb, head of study.
However, there's the risk that proprietors might misconstrue that long term arc, and instantly push-up costs.
"If that occurs, it may become a damaging situation because it might extend all this discussion about the property industry being a bubble."
The report said the hospitality sector in particular would be the "important winner" in terms of need for real property.
"This field has been driving the recovery of the Dubai real estate industry over the past two years, with Dubai currently enrolling one of the strongest rates of any market internationally," the report said.
It added that hotel occupancy increased during the first 10 months of the season, to average 79 per
"Winning World Expo 2020 would be the single biggest driver of activity within the UAE tourist industry during the following five years," stated Chiheb Ben Mahmoud, head of Jones Lang LaSalle's resort and hospitality group.
Expo 2020 is anticipated to include 2 percent to Dubai's GDP, in addition to produce 277,000 jobs.
That improved demand would normally imply rent and cost increases during the following seven years, said Craig Plumb, head of study.
However, there's the risk that proprietors might misconstrue that long term arc, and instantly push-up costs.
"If that occurs, it may become a damaging situation because it might extend all this discussion about the property industry being a bubble."
The report said the hospitality sector in particular would be the "important winner" in terms of need for real property.
"This field has been driving the recovery of the Dubai real estate industry over the past two years, with Dubai currently enrolling one of the strongest rates of any market internationally," the report said.
It added that hotel occupancy increased during the first 10 months of the season, to average 79 per
"Winning World Expo 2020 would be the single biggest driver of activity within the UAE tourist industry during the following five years," stated Chiheb Ben Mahmoud, head of Jones Lang LaSalle's resort and hospitality group.