Real estate agents expected the continued increase in the demand for real estate in the Dubai market during the current year, which the market started since the last quarter of last year, due to the start of the countdown to the emirate’s hosting of the Expo 2020 Dubai, as well as developers ’facilities, and investors are confident that there are strong opportunities in The real estate market.
They assured «Emirates Today» that the market is able to accommodate more investors and new residents expected to be attracted by the exhibition, considering that 2020 is a “year of seizing opportunities”.
Persistent momentum
In detail, the real estate expert, Chairman of the Board of Directors of the "W Capital Real Estate Brokerage Company", Walid Al Zarouni, expected that the momentum in the real estate sales movement in the country in general and in Dubai in particular, will continue during the current year, with the support of hosting the Expo 2020 Dubai exhibition, In light of the growing optimism and confidence among real estate investors regarding the sector in general.
Al-Zarouni said: "It is now certain that the opportunity to buy a property in Dubai is favorable at a reasonable price and positive return," noting that "with the start of the countdown to the upcoming event, and the promotional campaign for it created this momentum in the market." This is evidenced by the increase in real estate sales during the last months of 2019, especially in October and November.
Reap the rewards
He added that the local real estate market is preparing to reap the fruits of six years of preparations and equipment necessary to serve the global event since the state won the organization of "Expo 2020" in 2013, along with the significant support expected from the effects of the laws regulating and stimulating the real estate sector in the state in the past two years, which would enhance Real estate demand, absorbing current supply during 2020.
Al-Zarouni stressed the importance of enhancing real estate developers awareness of the need to deliver units in proportion to the demand movement.
Marketing strategy
For his part, Abdul Karim Al Mulla, CEO of Standard Real Estate Management Company, said that the positive expectations of the movement of the local real estate market, especially in Dubai, are due to the change in the marketing and sales strategy to meet the desires of the customers, and commensurate with the market conditions, which appeared in the facilities Repayment over relatively long periods, and the advance payment reaching zero, in addition to the arrival of prices in many properties, especially “on the map”, to attractive rates of purchase.
Al Mulla added that the market is able to absorb more new investors and absorb the increase in supply, despite the increase in the pace of delivery in the current year, with the expected increase in the population of Dubai, with the launch of "Expo 2020 Dubai", and plans to reach 25 million Visitor, as well as enter new investors and residents.
Gradual rise
In turn, the managing director of the "Harbor" real estate company, Muhannad Al Wadi, said that the real estate transactions in Dubai witnessed a gradual increase during the last quarter of the last year, in which the actions achieved record numbers, according to data of the Dubai Land Department.
The valley pointed out that this positive movement is the result of investor certainty, explaining that the buyer in the market is now fully aware that the opportunity is appropriate to purchase a property, in conjunction with the facilities provided by developers, the availability of financing, and easy payment plans, expecting prices to rise in conjunction with finding an exhibition. Expo 2020 »strong demand in the market, especially with the entry of new investors expected to be attracted by the exhibition.
He considered that 2020 is a "year of seizing opportunities", pointing out that competition will be intense between real estate developers to attract visitors to "Expo 2020", as they are potential buyers of the property in Dubai, which is one of the most important global cities that have a good reputation for residence and investment, This coincides with the great efforts made by the government of Dubai and the Emirates, for example, with regard to residency.
Real estate ready
The real estate expert, Mohamed Hareb, said that the demand for the real estate product in Dubai will be generally positive during the current year, but he expected ready-made real estate to capture the largest share of that demand, with its high rental yield.