The talk of the century is Expo 2020 and it’s time to join the hype. Dubbed as the biggest event in the world, Expo 2020 will turn more than a few heads. The excitement is building up so we’re here to get you as ready as can be.
World Expos tend to impact the host city in a lot of ways and usually the effect lasts on the long run. When it comes to Dubai, a city that is almost unrecognizable compared to what it was a few years back, it’s interesting to explore the changes bound to happen post-Expo.
Do you want to know about previous World Expo events? We’ve gathered the most important information about the History of Expo on propertyfinder.
With a theme that centers around “Connecting Minds, Creating the Future,” there’s no better time to explore the future of Dubai after Expo 2020 than right now. Here’s an easy breakdown of some of the questions that might be on your mind.
How Big Is the World Expo?
The World Expo is the world’s third largest event when it comes to cultural and economic impact. The first being the Olympic Games followed by the FIFA World Cup.
What Is the Legacy Phase?
The legacy phase of World Expo 2020 is the decade following the ending of the event itself (all the way through to 2031).
How Will Dubai’s Economy Change?
- Dubai’s economy after 2020 will be proven to be technology-based rather than oil-based, along with the entire country.
- It is expected that the event will boost Dubai’s economy by about $33.4 billion (Ernst & Young report).
How Will the Real Estate Market Be Affected?
- Construction in Dubai over the last two years has continued to grow thanks to Expo 2020 and various government-led projects all over Dubai.
- 42% of ongoing projects in the UAE are located in Dubai (Dubai Chamber of Commerce and Industry).
- The city has seen a growth in investment in new infrastructure during the time leading up to Expo (Arabian Business).
- Rent prices are expected to decrease during Expo and all the way into 2021 as projects increase (Gulf News).
- Off-plan projects will continue to attract buyers and investors as payment plans become much easier (Gulf News).
- Dubai property prices after Expo 2020 are expected to stabilize as potential short-term visitors for the event can turn into residents in the long run (Arabian Business).
- Dubai is already making its legacy plans to make sure the property market will grow and to avoid market fluctuations after Expo visitors leave the country.
- Construction in Dubai after 2020 is expected to continue to rise. Following the $7 billion investment into the Expo site, Dubai is not about to leave it to waste. The site will be transformed into “District 2020.”
What Is District 2020?
- The Expo site in Dubai South will reopen in October 2021, just 6 months following the conclusion of the event, as District 2020.
- District 2020 has a purpose of fulfilling the legacy of Expo 2020 to connect minds in a destination that represents the future of innovation.
- The UAE National Pavilion designed by Santiago Calatrava will remain the same.
- Thanks to the prime location of District 2020 in proximity to Al Maktoum International Airport, along with the new direct metro line, it will serve as a new Free Trade Zone.
- District 2020 planners aim at turning it into an independent city as well.
- With plans to become a new innovation-centric community, District 2020 will feature the following:
- Community of 90,000
- 65,000 square meters of residential area
- LEED Gold structures
- Smart solutions
- Next generation technology infrastructure
- Low-rise buildings
- Pedestrian-friendly street designs
- 45,000 square meters of wide green spaces
- World-class academic institutions
- Business and retail facilities
- Commercial spaces
- Health-focused food and beverage venues
- Al Wasl Plaza for entertainment and events
- Dubai Exhibition Center
- Children and Science Center
- 10 km bike lanes
- 5 km jogging tracks
- Urban markets.
How Will Tourism in Dubai Be Affected?
- Expo 2020 is expected to attract more than 25 million visitors from all over the world, which is part of the Tourism Vision 2020 in Dubai (Gulf News).
- A number of luxury hotels are expected to open right before the event this year to accommodate the visitors, which will cause a noticeable boost in the tourism industry.
- By the time Expo 2020 launches this October, there will be well over 100,000 new hotel rooms in Dubai ready for Expo visitors.
- The Department of Tourism and Commerce Marketing (DTCM) has various Dubai attractions to open during and after Expo 2020 to boost tourism, including:
- Aladdin City
- Jewel of the Creek
- Deira Islands
- Bluewaters Island (Dubai Eye)
- Dubai Creek Harbour
- Museum of the Future
- Zombie Park
- Madame Tussauds.
Six years ago, our CEO and Founder Michael Lahyani analyzed what the Expo win meant for Dubai’s economy. You could check it out on propertyfinder for an interesting perspective regarding predictions that early on.
Dubai is all set to impress and it’s not just during the iconic Expo 2020. History is being made and the future looks as impressive as ever.