Real estate developers are optimistic about the performance of the real estate market, in conjunction with the resumption of work in the economic sectors. They assured «Emirates Today» that we are heading towards a real estate boom after the decisions to resume work in economic activities and sectors, expecting active buying and selling during the second half of this year, as well as a strong movement in the leasing level.
They pointed out that the quality of market demand will be determined by several factors, the most important of which is the appropriate price.
Improved performance
In detail, the real estate expert, Hisham Al-Assaad, expected the improvement of the real estate sector performance during the coming period in conjunction with the resumption of work in the economic sectors, gradually, pointing to a significant improvement in the psyche of investors and workers in the sector, which will raise the demand for the property gradually, starting from next month, and arriving To the end of this year.
He added that the quality of demand in the market will be determined by several factors, the most important of which is the appropriate and realistic price, which is what the real estate investor is looking for, stressing that the meeting of the investor and the developer or real estate broker at the appropriate and realistic price will increase the rate of real estate deals, given that the investor expects a correction in prices that provides a margin Profit well, at a time when the developer wants to increase his liquidity through sales, which increases positive expectations. Al-Asaad said that increasing dependence on technologies will facilitate sales operations through seeing the property from a distance, pointing to the presence of a strong means in the market looking for an investment opportunity.
Various challenges
In the same context, the general manager of the «Royal Liwan Real Estate Company», Mohamed Hareb, said that the resumption of work in the economic sectors will be met by a kind of challenges, the most prominent of which is the psychological challenge that is always associated with health crises in general, and exit from them is difficult in a phased manner. He expected that the sales movement will gradually rise in the real estate market, in conjunction with the increased desire of investors to make decisions to buy real estate assets at this time with relatively low prices in the market.
Sale and leasing
For his part, Chief Executive Officer of the "Harbor Real Estate Company", Muhannad Al-Wadi, said that the reopening of economic activities will be reflected on the real estate sector, and on the level of sale and leasing.
He continued: «There will be, at the level of leasing, a strong movement in transportation, given that many tenants postponed the move because of the health crisis, but at the level of sales, investors will start to benefit from the arrival of prices to good levels, as we are near to reaching the bottom of Where the price levels, which supports expectations strong movement during the coming period ».
He stressed that the real estate is considered one of the most important investment assets that investors are thinking about, at a time when global and local economies are going through a difficult period. The valley pointed to the challenges related to the ability of companies, whether they are development companies or real estate brokerage, to complete the movement, indicating that several companies went through difficult circumstances, which could get them out of the market.
The valley stressed the importance of providing a stimulus package to the real estate sector, to support the sector and its investors.
Recovery period
To that, Alaa Masoud, General Manager of Marketing and Sales at Al-Ruwwad Real Estate Company said: “We are heading towards a period of recovery after the decisions taken by the Dubai government to resume work and open many economic sectors, especially the real estate sector in which the buying and selling movement did not stop in the months. The last three, despite precautionary measures, to combat the Corona pandemic.
Masoud expected that the sales and purchase movement in the second half of this year will be active, especially with the easing of precautionary measures and measures, and the emergence of a new form of real estate marketing represented in electronic marketing, as well as attractive promotional offers launched by some developers, corrective policies in the market, and the organization of an exhibition "Expo" in 2021.
He pointed out that the challenges that the real estate sector can face in the coming period are represented by the hesitation shown by some investors and buyers in buying and investing, stressing that these concerns will dissipate, especially with the disclosure of many incentives and economic initiatives since the beginning of the Corona crisis, which will be It has a direct impact on increasing real estate sector activity.
Unusual optimism
Mohamed Salman, CEO of Seven Line Real Estate Brokerage, said that there is an unusual optimism among the investors and workers in the real estate sector in Dubai to reopen the economic sectors.
He expected the demand for sales movement to increase gradually in the coming months, compared to the previous months of this year, but not with the rates achieved by the market in the same months of last year.
Constant recovery
The CEO of Clindest Group, the real estate developer for the “Heart of Europe” project, Joseph Clindest, considered that the real estate boom would be slow but steady.
He continued: «Real estate investors will remain in the next few months, surrounded by a stage of anticipation, and will follow how things are going, then start looking at offers and investment markets», expressing optimism, saying: «We are optimistic that things will not go worse than the past two months».