21 November 2022 – Khaleej Times – www.khaleejtimes.com
Millions of football fans flocking to Dubai and Doha for the Fifa World Cup will look to buy property in Dubai, attracted by the city’s world-class safety, the best quality of life and high returns that it offers as compared to other major cities around the world, say real estate industry executives.
During the next month, millions of people will transit through Dubai and Abu Dhabi as well as make the two emirates their destination to watch football’s largest event.
“Certainly. We’ve seen such a pattern in recent years – first during the pandemic, when many people visited Dubai for the first time, as it was probably the best-organised city in the world, allowing a safe and free life, while the rest of the world was in lockdown. We then saw the impact of Expo 2020. In both cases, visitors to Dubai were amazed by the opportunities this great city provides,” says Abdullah Alajaji, founder and CEO of Driven Properties.
“I see a repeat of this trend when it comes to football fans coming from all over the world and visiting this region for the very first time. In the weeks to follow, they will bring liquidity to the market and some will then make a decision to invest once they see the opportunities Dubai has to offer,” added Alajaji.
Madhav Dhar, co-founder, and COO of ZāZEN Properties, said more than one million tourists are expected to visit Qatar during the World Cup and this will drive a massive influx of visitors into neighbouring transit hubs like Dubai.
“The UAE’s residential real estate landscape will benefit from this… Many of the visitors who transit through Dubai will acquire real estate assets either for personal use or for investment purposes. Although property prices have risen in the UAE, the long-term appeal of real estate as an asset is undeniable with average apartment rents soaring 27 per cent,” he said.
According to Property brokerage firm, Fifa World Cup in addition to Golden Visa and more general efforts towards transitioning to a digital-driven economy are sighted as important drivers going forward for the property market.
Core, another real estate consultancy, said the much-awaited Fifa World Cup is already creating a lot of traction for Dubai.
Despite an increase in prices this year, Emaar Properties founder Mohamed Alabbar said in an interview with Bloomberg TV that property prices in the emirate are still more economical than in other global hubs.
Why football fans will buy?
Abdullah Alajaji of Driven Properties noted that luxury living has become synonymous with the signature lifestyle that this city offers.
“First-time visitors are always impressed with the lifestyle, versatility, and hospitality. When comparing the quality of life one can buy into in Dubai with any other leading global city, it’s astonishingly affordable. In the current political climate in the world, the fact that Dubai is one of the safest cities plays a huge role, in addition to its central geographic location and tax haven status,” added Alajaji.
“As an international hub with over 90 per cent of residents being foreign expatriates, the cosmopolitan spirit of Dubai is very welcoming. All of these factors impact the buyer’s decision to purchase a property here, making it a very logical and easy choice.”
What type of property they will buy?
Alajaji anticipates that football fans could buy quite a diverse range of properties, depending on the location, size, exclusivity and many other factors.
“Some will be purchasing property solely as an investment, often going for smaller units suitable for short-term rentals, while others would choose a second home that can accommodate their whole family, such as villas or townhouses. The great advantage of the Dubai real estate market is its versatility, offering great properties both ready and off-plan, and at various price points,” he said.
According to Madhav Dhar, buyers will most likely look to secure one-bedroom, two-bedroom, and three-bedroom units which have been the most in demand. “These buyers will also benchmark against European quality products with sustainability and community-based amenities at the forefront,” added Dhar.