Real estate expert Walid Al Zarouni stressed that the real estate sector in the UAE remains outside the effects that have occurred globally due to the challenges caused by the Corona virus, and there are no real effects so far that may lead to a real decline in demand in the market.
Al-Zarouni, who heads the board of directors of the company «W Capital» Real Estate Brokerage, said that the real estate sector in the country is strong and durable and is able to overcome difficulties and crises, whatever its type or source, the market is fortified with a system of laws and real estate legislation and modern regulations for the sector that have become more influencing the performance of the industry And historically, the sector has weathered many crises around the world, always stronger than it was.
He added: «Despite the difficulties and challenges facing the global economy, the local real estate sector still maintains its strength, attractiveness and prestige while achieving good investment returns, especially in light of the continued demand for it for the purpose of investment or residence, in addition to the intensive precautionary measures taken by the authorities in the state To protect all members of society, including citizens, residents and visitors, from the consequences of Corona. ”
He continued: «It is not hidden from us that the repercussions of the Corona virus will affect some sectors such as tourism, travel and financial markets, but until the moment no effects were recorded on the real estate sector, which is considered safer for investors and individuals, as it is advised to buy and invest in it at the present time in light of competitive and attractive prices. Unprecedented payment facilities on the part of developers. ”
He clarified that the value of the recent real estate transactions confirms the durability and attractiveness of the real estate market in light of the investors ’search for a safe and stable environment. The value of real estate transactions registered in Dubai during last February is about 24.8 billion dirhams, an increase of 86.5%, compared to the previous month of January, in which the behavior was recorded 13.3 billion dirhams. During the first week of March this year, it recorded more than 5.3 billion dirhams.
Al-Zarouni advised real estate investors not to be intimidated by the rumors and to monitor events daily, taking into account the precautionary measures, and the advice here is that it is necessary to keep real estate assets, as much as possible, during this transient and minor crisis, the loss of real estate is difficult to compensate after the passage of crises and the return of the real estate market As it was and better.