Dubai real estate achieved sales of 24.75 billion dirhams between January 1, 2020 to April, a period that coincided with the emergence of the emerging Corona virus (Covid-19) globally, and culminated in taking precautionary measures in the various business sectors.
Dubai Department of Land and Property statistics showed, during the first four months of this year, 12 thousand and 105 sales transactions were recorded, as sales in January recorded a value of 4.95 billion dirhams through the sale of 2858 housing units, to rise in February to 9.23 billion dirhams by selling 4320 housing units, while March 2020 recorded sales of 6.98 billion dirhams through the sale of 3115 housing units, and April 3.59 billion dirhams through the sale of 1812 housing units.
Clear flexibility
Chris Houden, head of strategic consultancy at Chestertons Middle East and North Africa, said that the residential real estate sector in Dubai had witnessed a clear resilience, beginning in 2020.
He added that despite the challenges of the new Corona virus, sales have seen good rates compared to the current circumstance, as a result of the facilities provided by real estate developers, and the incentive package provided by the government.
Howden noted that knowing the actual impact of this exceptional circumstance in the real estate sector is highly dependent on the time period of the continuing outbreak of the virus, and the nature of the general response to control it, but it is clear that the residential real estate sector will face fluctuations and major changes, in the coming months.
Facilities for investors
In turn, the managing director of the "Harbor Real Estate Company", Muhannad Al-Wadi, pointed out that there is a significant impact in sales due to the new Corona virus and the precautionary closure process, expecting the continued decrease in demand for real estate, compared to the previous period.
He said: "This does not preclude saying that these statistics indicate the flexibility of the real estate sector in dealing with the current situation. Despite the effects of the virus, the sector is still achieving good numbers in sales."
The valley attributed this to the reasons most notably the real estate developer’s dealing with the real estate, and providing attractive facilities for investors to buy, in addition to the real estate investor’s desire to benefit from the incentive package for local and federal governments, with regard to some fees that affect the sector, and finally the financing facilities approved by the central bank by increasing the ceiling Real estate financing for citizens and expatriates at 5%, than was previously the case.
Reducing fees
In the same context, the real estate expert, President of the "W Capital Real Estate Brokerage Company", Walid Al-Zarouni, identified several key factors that helped the real estate sector in Dubai achieve good numbers, during the past four months, the most prominent of which was the increase in the desire of investors to purchase, driven by good offers Before the developers, ease the fees.
He stressed that these offers generate more desire to invest in the real estate market by investors and residents, pointing out that the real estate sector has received a special priority within the recent government incentives, which gives it a continuity in activity, and this appeared by freezing a number of fees that motivate the investor. Real estate.
Future fluctuations
Chief Executive Officer of Bawait Real Estate, Haider Ali Khan, said that despite the positive indicators shown by the Dubai real estate market during the past months, we must be ready to see some fluctuations during the coming period, taking into account the preventive measures that you take. The government to reduce the spread of the emerging corona virus.
• The real estate sector is still achieving good sales figures, despite measures for the Corona virus.