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Dubai Property Market Bouncing Back Amid COVID-19 Induced Crisis
Rest assured that Dubai is getting back on its feet and offering a lot of opportunities for people looking for jobs, business, and investment. Even though every economic sector has been passing through an economic crisis due to the COVID-19 induced global pandemic, yet Dubai real estate sector remained attractive for global investors. The pandemic hit the economy hard in Dubai because international traveling was barred and expats were returning home countries due to widespread lay-offs.
As the demand for houses in Dubai fell down considerably, so did the rents – still there were empty buildings. However, the real estate sector has also been passing through a price correction phase, making it more attractive for serious buyers, who could not take action yet because of high property prices in the city.
The government came to rescue…
Dubai responded quickly to the COVID outbreak, with a pre-emptive approach. With the vaccine being rolled out, things started getting positive for Dubai, as the country has opened its international borders for fully vaccinated tourists. To combat the effects of the pandemic and to keep the flamboyance of the economy – the government also loosened visa restrictions. For instance, the government introduced a 5 or 10 years residency visa to investors who meet specific criteria – depending upon the size of their investment.
Larger properties are in limelight…
COVID-19 led global pandemic has changed our perspective regarding homes, as they had become our offices, schools, and resting place during the lockdowns. Suddenly, everyone was in need of a bigger space to play all roles efficiently. After curfews and lockdowns were lifted, people started purchasing bigger houses, luxury waterfront villas in Dubai, sea-view apartments, and golf-course townhouses. After all, when the luxury properties are available at reasonable prices, who does not want to snap up quickly? If you are interested in buying properties in Dubai, it is the best time before the prices start getting higher.
It is the right time…
Though none of us can predict the future we can see one thing in the market i.e. confidence. From the property buyers’ perspective, it is high time for investment in Dubai real estate market. Dubai is open and gearing towards Expo 2020 (that shifted to 2021), new developments are being introduced, infrastructure is strong, mortgage rates are attractive and sellers are being reasonable. The market is swarming with opportunities and is all set to welcome new investors.
According to a Reuters poll of housing analysts, “Dubai residential property market is on a steady course – with prices expected to rise gradually in the next few years.” Though the economy has bounced back from the pandemic following the vaccination drive yet properties in Dubai will remain affordable for the investors over the next couple of years.
Investing in luxury properties is the trend…
Who does not want to buy a luxury apartment or waterfront villa in Dubai and enjoy all premium facilities? Investing in luxury properties or villas is the emerging trend – primarily because of the affordable price tag and secondly, people have realized the importance of having a space – where you will have to spend your days, weeks, or months. Most of the schools around the world are offering online classes and employees are also around to work from home, so homes are much more than just resting places. Therefore, people have been planning to upgrade their residences – from a plain apartment with no ample space to picking villas that come with lawn, garden, swimming pool, and balcony.
Moreover, if luxury properties in prime communities in Dubai are available at affordable prices, who will want to go for rental options?
A number of secondary homes are available in the market…
A major chunk of Dubai’s population constitutes expatriates but during the initial lockdown and uncertain conditions, a large number of expatriates left the country. This means a lot of properties are left vacant behind, following which several developers have put a hold on their upcoming development projects and focusing on the existing supply chain. As the desire for bigger properties increased coupled with numerous options at hand and relaxed mortgage payments – the demand for secondary homes has also gone up.
You can see built properties and pick the one that matches your requirements and budget. Moreover, investors still have the choice to select off-plan properties as they are cheaper and payment options are flexible. The market is moving towards stability and investing in off plan properties in Dubai is also a good opportunity.
Conclusion
With Expo 2020 being shifted to 2021, investors are looking to the superlative opportunities being created there for a better tomorrow. The UAE government has also been taking proactive steps and introducing policies that can give the real estate sector boom and stability. Reasonable property rates coupled with lower mortgage and properties available in the market making serious buyers invest here and foresee a comfortable future there.
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