- Posted November 28, 2013 by
Dubai, United Arab Emirates
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The UAE celebrates its Expo 2020 victory in style, reports Bayut.com
Celebrations erupted throughout the UAE as soon as the news of Dubai's victory was heard. According to Bayut.com's live update, people had already started gathering on the street corners in pre-victory celebrations even before the result of the third round was announced. The UAE Government has announced 6 holidays to celebrate its victory which could not have come at a better since the 42nd National Day of the UAE is also around the corner. Read this for details.
Dubai's property sector is one of the robust property markets of the world which crashed back in 2008 as a result of the global economic meltdown. Many investors lost millions of dollars overnight and had to leave the market with a heavy heart. Five years after the crisis, not only is Dubai back on its feet but it's also recovered sooner than anyone expected it to. Dubai has come back strongly, even though there's some speculation in the market that the market might be headed towards another bubble.
Winning the bid, amidst such speculations, will definitely breathe new life into the property market which has already registered some impressive price hikes in 2013. This victory will have profound effects on the market which could give prices a further boost. Now although it can be a bit dangerous if the prices rise too much too soon and could possibly lead to another bubble but steady growth could have a positive impact on the market which would help Dubai win the investor’s confidence once again.
Things will become clearer as the time will go by and that will help us gauge and forecast the possible outcome of this victory in a better fashion but for now, it’s time to celebrate. “Connecting Minds, Creating the Future”, which will be the theme of the event, will broaden Dubai’s horizon of success.