District 2020: How soon will it take to be Dubai’s next property hotspot?

The Palm and Jumeirah Bay islands cornered much of the spotlight in 2021 as the most happening places for investments in Dubai's property market. Not just homes, plot sales at these two locations fetched some record values.

This year, it will be the turn of District 2020 - Dubai's newest real estate destination to catch the investor excitement for the best possibilities.

The 430 hectares that make up the 'smart city' will soon be fitted out with new structures for a new base of residents, office goers and others. There will be a few familiar sights too - made up of the legacy pavilions from the Expo 2020.

The first users will move in from October, and it will be interesting to see how quickly the residential base at District 2020 builds. Developers will be taking note as they plan their investment and launch strategies in that destination.

District 2020 will also be feeding demand for the wider Dubai South development, and also in the Jebel Ali area. "There hasn’t been as many deliveries as expected in the newest neighborhoods in Dubai," said H.P. Aengaar of Asteco, the property services company. "Rents in Jebel Ali areas have increased, but not at the same level as emerging locations in Dubai."

Dubai South is already recording higher interest from potential tenants or property buyers. This year and the next will see more homes delivered, and help add to the existing resident base in the city.

The launch of more flights and activity from Al Maktoum International Airport is also a factor that will add to demand for homes and offices at District 2020 and Dubai South.

While rental and property sales indicators for District 2020 are a few months away, Dubai South provides some benchmarks. Two-bedroom apartments are listing for Dh40,000 and over, and these are brand new additions to the market.

More companies and their workforces are establishing bases at Dubai South and the many clusters such as aviation and logistics as well as another ecommerce all getting to be quite active. District 2020 will bring with it some global corporate powerhouses such as Siemens and China's Terminus among the early entrants. DP World will also be having a major presence.

Some schools in that part of the city are already open, and there will be quite a few joining them soon. Healthcare facilities too are cropping up to be closer to tomorrow's neighborhoods and communities.

'Top companies will take care of the office space that will be available in the initial weeks," said a developer. "And their workforces will prefer to live within District 2020 itself. That will feed demand for the whole of Dubai South - over the next two years, these locations will be among the busiest."

Dubai is getting another 'city' - and that too in double quick time. Welcome then, District 2020...