Are there proactive plans?

The Corona pandemic caused many people around the world to lose their jobs, as the Emirates were not in isolation.

Many residents of the country were subjected to dismissal from their jobs, as a result of the deterioration of the conditions of some companies due to the economic crisis left by the "epidemic", while some of those who remained in their jobs were not spared from the waves of the opponents that affected their salaries .. And between this and that these developments negatively affected The normal course of life of those affected, and other parties with whom financial obligations related to the payment of installments such as housing, education, financial loans, and other financial dues, were affected.

Real estate development companies are one of the entities that can be said to be among the groups expected to be affected by these developments in the near future. There are many of these affected who have been able to purchase real estate units on the scheme directly before the start of the crisis, and they will inevitably be unable to pay the installments agreed in the sales contract. This will push developers to restore their accounts again, and adapt them to the emergency situation, to get out of the crisis with minimal losses.

It is not excluded that many buyers request the cancellation of purchases, in order to permanently get rid of the financial burdens that fall on them at the time when their sources of income are reduced or absent. Here, the impact of the crisis will be more severe for the developer, at the expense of the financial plan for the progress of the project, the duration of its completion, and the date of delivery, and in this case he must find early solutions to all these problems, which will result from the decision to cancel the purchase.

Until now, we do not know how long the "epidemic" will last, nor do we know the period that the situation will require for the global economy to recover, and companies recover from the effects of the crisis after its breakthrough. And until the moment, time is still allowed for developers to think about developing proactive solutions for all scenarios that may happen in the future, and these solutions will ensure that they avoid losing current buyers, by drawing plans and initiatives that reduce the burden on them, such as delaying installments in the long run, or canceling some Fees such as registration fees, reducing the value of the installments, and extending the agreed payment plans.

There are many plans that the developer can implement to prevent the crisis-affected buyers from canceling previously agreed purchase deals and protecting their investments, and without the project losing the financial liquidity to accomplish it. Are there any proactive plans?

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