The Expo 2020 Dubai preparations are motivating a lot of local and international investors to boost their operations in the UAE.
The increasing options for affordable housing is making the UAE’s fit-out industry booming this year, inspiring residents to be homeowners.
Business owners are very optimistic that the industry is in for a busy period in 2020 and beyond. New reforms in long-term visas are enabling residents to plan and build long-term stay in the region which has given the food and beverage sector a constant need to innovate both in terms of business and boosting customer experiences by refurbishing properties.
On the latest industry trends, Mihir Sanganee, design director, Designsmith, said sectors like F&B, hospitality, retail and office still see a steady growth in demand.
“We can see an increase in demand for home design and renovations with the rise in number of home-owners. Free-hold properties also contribute to that trend. There is a big push for being sustainable and refurbishing existing spaces instead of constructing new ones,” he said.
He also said the F&B sector is currently driven by the unique concepts and consumers are more conscious about materials and products used in their homes and offices – ethically-sourced, natural, recycled and locally-sourced product are in demand.
Geetha Nayak, managing partner of Design Infinity, said that Dubai and Abu Dhabi are both experiencing robust growth, wherein the
fit-out UAE market experience an upward trend owing to Expo 2020.
A Faithful+Gould’s report forecasts the UAE fit-out market to reach $973.4 million (Dh3.4 billion) by 2022. At the same time, the renovations and refurbishment market in UAE is also on the rise. Experts estimate renovations can add between 10-15 per cent to the selling price, something that is promoting a lot of owners to remodel and upgrade their older properties.