Dubai “did not need” Expo 2020 Dubai to boost interest in the already world-renowned emirate and its attractive real estate market, according to PNC Menon, the founder and chairman of Sobha Realty, Arabian Business reported.
In an interview with Arabian Business on the sidelines of Cityscape in Dubai, Menon said that while the six-month event will provide a welcome boost, Dubai was “already a brand”.
“Most of us who come and live here for more than two or three years find that it is a great place to live. I don’t want to go back to India, for example,” he said. “The experience of Dubai is that I feel that I am getting the best.”
Dubai’s draw for potential investors, he said, largely stems from its highly developed infrastructure and public services and welcoming, helpful government authorities.
“We have everything in this country, and it’s peaceful, with zero corruption,” he said. “All that put together, I think that Dubai is the most inviting place for this region, [for those] from the Indian Subcontinent, the Middle East, and Africa. This is the place….Dubai is the capital for all of us.”
Sobha’s president, Jyotsna Hegde, said that she believes that while Dubai “has its own inherent strengths”, Expo 2020 will provide a significant boost for developers.
“The Expo as a global event will open up more opportunities for people who haven’t been to this region to come here,” she said. “It brings in more investment and more opportunities for business to happen in this country.
“It will definitely have a large impact, even if Dubai on its own could get the population growth that it’s looking for, without having to resort to any special [event],” he said.
Menon, for his part, said that the increased number of visitors that come to Dubai during the six-months of Expo will inevitably lead to some looking to buy property in the emirate.
“They may want to start a business here….it’s opening up, but you don’t need to create that demand,” he said. “There’s huge potential, mainly because of the Middle East, Africa and the Indian Subcontinent. That can fill up all the houses, and that’s all that we need.”