Major government initiatives over the past year set to drive demand in the UAE’s property market

Abu Dhabi / Dubai, UAE, 1 February, 2020: Major steps by the government and an increased number of pro-growth initiatives over the past year will boost sentiment and drive demand in the UAE’s real estate market according to JLL’s 2019 Year in Review report released today.

While most sectors across the real estate market remained challenged in the UAE during 2019, pro-growth government initiatives, rising investment ahead of Expo 2020 Dubai and expansionary fiscal stances by the federal and local governments will further improve the broad economic backdrop this year, the report said.

Last year saw the introduction of several government initiatives to boost the hospitality sector, such as the exemption of the visa fee for transit passengers and a focus on increasing the popularity of Dubai in the cruise industry, among others. While, overall, the hotel sector witnessed subdued performance in 2019, the demand is expected to recover considerably with various government initiatives set to take effect this year, and the expected strong visitor growth associated with Expo 2020 Dubai. Other popular events such as the annual Formula 1 Etihad Airways Abu Dhabi Grand Prix in Abu Dhabi will also continue to attract international visitation to the UAE.