Impact of Covid-19 on Dubai Real Estate According to Top Real Estate Developers in Dubai
The novel coronavirus has had its impact on almost all the sectors. We will be discussing how real estate market of Dubai has been affected. If not more, adverse effects on the property market have not been any less either. The house sales went down in the initial days off country lock down. But thankfully, the cities real estate kicked back again soon.
This blog focuses on the positive changes reflected in the luxury property market of Dubai. The city is going to experience a boost in real estate market soon after the pandemic situation normalizes.
Positive Impact of Covid-19 on Dubai Real EstateTowards the end of April month, the leniency in restrictions to fight coronavirus made a positive change in the market sentiment of the real estate industry. This happened when the listings increased along with the property views on different portals.
Top Real Estate Developers in Dubai reported that they noticed a surge of views especially villas and townhouses during the lockdown period as people are looking forward to outdoor vacations or staycations post covid-19.
Increase in Outdoor Property Sales
As per the research of top real estate developers in dubai, People are looking for properties with outdoor spaces, such as in villas, holiday resorts, townhouses, etc. An increasing number of views for such properties reflects in the rise of luxury property sales in Dubai once the situation calms down.
A Near Rebound in the Real Estate Market
The major reliance of the growth in real estate market was dependent on the world Expo 2020. But the Global health pandemic has taken a toll over the industry. However, we would like to bring your attention to the fact that the investment opportunities in the real estate market are still in a good place having firm foundations.
Low Interest Rates and Mortgage Rates
Recently, there have been some changes made by banks and mortgage lenders in Dubai. Keeping in mind the lower house sales due to the current pandemic situation in the city, there have been implementation of long payment plans. Not just this, banks are made to decrease the interest rates and mortgage rates to ensure the real estate market doesn’t lose its decent position across the country.
This benefit for both sellers and buyers will probably make space for a rebound in the property market of Dubai.
World Expo Postponed
Yes, this has a positive side if interpreted differently. The postponement of the World Expo will in a way serve as a catalyst and attract new potential prospects for the luxury property market (real estate). This will offer an opportunity to compete the already planned projects.
In a Nutshell
Has Dubai’s real estate been affected by the pandemic? Yes. Has the market come to a halt? No. The growth of real estate in the city is slowed down but is not at a halt. And, it is the most positive thing we can expect in these gloomy times.
Soon the market will rise again and the world Expo 2021 remains to be an awaited transformation in the property market, despite being postponed this year.