Dubai has seen a speedy economic recovery lately and it is translating in growth for many industries, such as the real estate sector. Experts say the Dubai real estate sector will rebound and rise again in the wake of easing Covid-19 restrictions.
We’ve seen a crisis in the real estate market for the last months, but prices are now stabilizing in areas where the supply is low, with multiple offers for properties around the city. 2021 is starting out to be a good year for real estate sector in Dubai, much due to the innovative efforts of authorities and government that allowed the market to start transacting again in a swift way.
One of the government decisions that was crucial for the current real estate rebound was from Dubai Land Department that introduced online property transfers, where those looking to close a deal could book an appointment a day in advance and email the documents needed to do so. A task that was normally made on premises, became virtual and easier to handle during a pandemic.
New trends in the market also explain the real estate sector’s current growth. One of those are the enquiries relating to rentals of villas in Dubai with outside spaces such as gardens or pools. The pandemic hitting the world and creating a new definition of home has changed what people look for in properties. They wish to have a piece of the outside world inside their home, with spaces such as balconies.
Some of the best areas that are being sought-after by investors and buyers looking for ready properties are Dubai Marina, Business Bay, Town Square, JumeirahVillage and International City. The District Real Estate opportunities in these areas are sure to be a great investment.
If you’re wondering why people would be looking into property now after a pandemic and while most of the world is still in lockdown, the answer is easy. The pent-up demand along with more attractive prices and lower funds required to purchase a home, enticed more people in UAE and laid the foundation for a speedy recovery of the real estate market.
With the softening of Covid-19 restrictions in Dubai and across the UAE, real estate portals such as Property Finder have seen an increase in consumer enquiries, proving that the sector is slowly but surely returning to normal. It’s expected that the Dubai economy will grow by 4% percent this year and it will impact the Dubai real estate market, assuring its growth.
As Dubai emerges as one of the fastest cities in the world to recover from the pandemic, a growth in the economy and, consequently, the real estate market, comes steadily, but not without some challenges. Returning to normal takes extra safety precautions, more planning ahead and new solutions to new problems. The Dubai real estate market is innovating with virtual and safe ways to do market transactions and it will ensure an even bigger growth in months to come.