The last three years has been a roller coaster ride for everyone. The Pandemics have changed the lifestyles of many. People in the United Arab Emirates (UAE) suffer from a similar fate.
Dubai’s real estate market was thriving for years before the pandemic. Ten months after the jump, things seem to have changed a bit. Prices are currently stable in major regions where supply is scarce. Nevertheless, prices are rising in some places.
Let us understand a few statistics first…
Going again to the preliminary days of 2020, in January and February, Dubai`s actual property marketplace noticed month-on-month increase in actual property transactions. There was a 12% year-on-year rise in overall transactions in January 2020, with the figures growing 33% year-on-year in February, with an incredible 76% rise in off-plan transactions.
Private investors saw this period as an opportunity to invest in the emirate hosting Expo 2020, the world’s largest trade fair.
However, it was clear that trading would slow as the pandemic surfaced in March. With the aggressive policies and swift and innovative efforts of the United Arab Emirates, we have overcome this difficult time earlier than many others. Innovative efforts by the authorities have also helped the real estate market return to business.
Major trends in the real estate industry since the pandemic
- Significant increase in short-term leads, especially in Dubai.
- The search rate for “garden” and “pool” is increasing.
- Increasingly, people are looking for larger homes, and less impactful rent payment terms are now much more important.
- Real estate owners are accepting more checks to help lessors find financial storage
- The percentage of searches for commercial warehouses is increasing
The market touched its lowest point in May 2020, and once the lockdown was lifted, it began its recovery. Now, the market appears to be fully equipped to handle the emergency. The data shows us that the market started stabilizing in June, and since then, it has steadily improved.
As we slowly return to “new normal” and Dubai’s real estate market becomes more dynamic and adaptable to change, some of the new trends that have emerged during the crisis are to remain here forever.
What we do and How can we help?
We at Xpert Advisory are business setup consultants in the UAE and provide services like business incorporation, licensing, accounting and bookkeeping, PRO services, local sponsorship and much more. Our business experts have years of experience in this area and can make the process hassle-free.
Get in touch with us today at aus@xpertadvisroy.com
