Dubai Real Estate Forecast: $82bn projects to be completed by 2020
Dubai will complete an estimated AED301 billion ($82 billion) worth of projects in the areas of housing, entertainment and infrastructure by 2020, a new report has said.
These large scale developments will create immediate demand in the
"We extrapolate that the number of jobs created in the real estate sector will rise by approximately 60 percent in the next five years,"
The construction boom comes as Dubai prepares to host the prestigious World Expo event in 2020. At its peak, the Dubai Expo 2020 exhibition site at Dubai Trade Centre-Jebel Ali is designed to accommodate up to 300,000 visitors, with average
Running October 2020 through April 2021, the Expo will launch the country’s Golden Jubilee celebration and serve as a springboard from which to inaugurate a progressive and sustainable vision for the coming decades.
"We opine that as these jobs are created, there will be a mismatch between the sectors where the jobs are created (predominantly at the mid end) compared to the topography of the real estate, which is skewed towards the higher end," it added.
The report said that given the large supply pipeline of these
It added that private sector developers are likely to respond by skewing supply dynamics towards this sector, a trend that is already underway.
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