She confirmed that the citizen investor is currently the one moving the market
"Mag Development": The real estate sector has absorbed the "Corona" crisis and is preparing for a strong start in the coming period
The real estate market in Dubai currently includes great investment opportunities. From the source
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Emirates Today monitors, through a series of dialogues, how the business community in the Emirates deals with the repercussions of the new Corona virus (Covid-19), and the dialogues include a group of businessmen and investors in sectors such as tourism, hospitality, aviation, real estate, retail, and other vital sectors, To find out the mechanisms applied by the private sector companies to overcome the effects of the current crisis that affected the local and global economy.
The effects of the economic support plan implemented by the Central Bank, with a value exceeding 256 billion dirhams, are also monitored, as well as the series of incentives put forward by local governments and the federal government as part of efforts to mitigate the repercussions of the Coronavirus epidemic on the national economy.
The series of dialogues deals with how the return of activity to the various economic sectors contributes to restoring the spirit of activity and the prevailing economic life cycle before the emergence of the Corona crisis, as well as the investors' vision about the future of the national economy, and how to restore the levels of growth achieved before the repercussions of the virus, in addition to monitoring any incentives or Requirements for investors from government agencies, to help them restore their activity, and increase growth rates and employment opportunities during the coming period.
The UAE economy has major components that make it more resilient and resilient to facing economic crises and fluctuations, and it includes the successful economic diversification policy that the UAE started more than 30 years ago, as well as its possession of huge investment assets that provide it with sufficient financial liquidity, as well as open economic policies and a competitive business environment that Characterized by the Emirates.
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"Mag Real Estate Development", the real estate arm of the "MAG Group", reported that the real estate sector in the UAE has absorbed the crisis of the emerging "Corona" virus (Covid-19), and is preparing to make a strong start in the coming period.
The company indicated, to "Emirates Today", that the crisis has stimulated real estate developers to offer various price cuts and unprecedented facilities, adding that the citizen investor category is the most benefiting from the prices in the real estate market at the present time, and he is the one who is already moving the market now because of his boldness. In making the investment decision.
The company pointed out that the recent facilities provided by the developers contributed to pushing citizens to focus and redirect their investments to the local real estate sector.
High craftsmanship
In detail, CEO of MAG Real Estate Development, Talal Muwafaq Al-Gaddah, said that “his company has interacted with the (Corona) crisis with great professionalism, took into account the economic conditions of investors and the financial impacts on the real estate sector or rents, and provided facilities in order to alleviate the pressures resulting from the suspension period during The past four months ».
He stressed that «the Emirati citizen is the one who moves the real estate market in the current period, because he is certain that the prices in the market are unprecedented, as well as the boldness that the citizen investor enjoys, as he is the most beneficiary of the (Townhouse) offers that the company presented during the month of July, Which was sold within 24 hours of its launch ».
Al-Gaddah pointed out that this period is witnessing unprecedented investment opportunities, as investors and buyers must seize these opportunities, in light of the developers' reduction in the profit margin significantly compared to the conditions before the period of the outbreak of the global Corona epidemic, pointing out that wealth is made in times of crisis, Also, the train returning to before "Corona" has started and will never return.
He mentioned that there is a great investment opportunity in the real estate market in Dubai.
Schedule payments
Al-Gaddah stated that "MAG" has rescheduled all payments due from its investors with a value of 150 million dirhams, representing the payments of the past three or four months.
He emphasized that the facilities provided by the company coincided with the strong moves and progress made by the Dubai government in dealing with the repercussions of the Corona crisis, explaining that this progress preceded everyone, which gave MAG Holding the comfort to keep 95% of its investments in Dubai. And the UAE, while there is only 5% of investments outside the country.
He stressed that the projects of "MAG Development" are proceeding according to their plans and were not affected by the repercussions of "Corona", as we decided to complete all the projects and continue the work that we do, although some stopped due to the crisis, and finally, the "MAG City" project was started in (the city of Mohammed bin Rashid) in (Al-Midan District 7) in Dubai, after the great support of all the concerned authorities in the emirate and obtaining the necessary approvals for the project.
Al-Gaddah said: “During the (Corona) crisis, we took all measures to ensure the safety of employees, whether on sites or in offices. Today, we are continuing the construction and implementation processes, and we will deliver on time or with a slight delay that will not affect the delivery dates, ”adding that the speed of implementation of any real estate project should not be at the expense of quality.
He continued: “The UAE has provided all the capabilities and means to everyone who set foot on its good land, in addition to the continuous facilities necessary to encourage investment and business and revitalize the economic sectors, aviation and tourism,” pointing out that the real estate sector is among the most beneficiaries of the governmental facilities package that the state made during The last period, to alleviate the repercussions of the (Corona) crisis, which gave developers a strong push forward to complete their work according to the scheme.
number one
He pointed out that Dubai is a lofty symbol and looks only to a better future, and to be "number one" in the world and focus on progress and openness in all economic fields, including tourism, travel, urban communities and in all fields.
On the real estate market conditions in the UAE, Al-Gaddah said, "It still carries attractive investment opportunities that meet the aspirations of many who wish to enter the sector, especially in light of the high demand for larger homes to be a suitable environment for work."
Differential features
He said, "MAG" has spotted an increase in demand from homebuyers or renters who plan to work from home, in obtaining a set of additional differential features such as windows, soundproof walls, and dimmable or dimmable switches.
He noted that the freedom from the obligation to go to the workplace allows for the possibility of living far from the city center and crowded places, which is likely to increase the demand for larger homes in remote places, and this provides investment opportunities for real estate development in new areas in the UAE.
Al-Gaddah added, "Global crises do not force the developer to make a specific choice, but we must adapt to the changes imposed by the market from time to time, and to preserve the confidence of investors so that they can continue in future projects."
He revealed that the "Covid-19" crisis highlighted several important points that will change the philosophy of real estate development during the next stage, especially with the increase in demand for designs of homes or villas that overlook private spaces to be designated for closed gardens, places for play and entertainment.
He said that there is also great anticipation on the part of customers regarding maximizing the role of "contactless" digital technology, with the increase in health awareness imposed by the outbreak of "Covid-19" and the introduction of technologies that avoid touching surfaces that could be a source of infection, so renters or buyers expect to be Able to open doors and elevators through facial and voice recognition technologies, or other innovative modern technologies.
On the company's delay in delivering some projects, Al-Gaddah explained that the delay is in the interest of customers, especially that the company wants to deal with contractors of the first category.
A new methodology
The CEO of "MAG Real Estate Development", Talal Muwafaq Al-Gaddah, said that the exceptional circumstances of the "Covid-19" pandemic caused transformations in the real estate sector, after it imposed a new method and methodology in the form of business, which will continue after the end of the crisis, as companies moved to activate the pattern Working from homes will lead to the existence of suitable spaces in the unit, and the provision of an infrastructure that allows the completion of work remotely, and this pattern will lead to an increase in the unit area or modifications in the internal spaces.
Talal Mowafak Al-Gaddah:
"Wealth is made in times of crisis, and real estate has investment opportunities that will not be compensated."
"The return train from before (Corona) has started, and it will never return."
"Scheduling the payments owed by the company's investors with a value of 150 million dirhams."