Real estate confirmed that the current time is ideal for buying real estate in Dubai, noting that property prices in the emirate have reached very attractive levels of purchase.
They explained to «Emirates Today» that this is due to several reasons, the most prominent of which is that the current conditions have made the real estate developer more flexible in adapting to the market conditions, as he began to give up previous profit margins, as well as providing facilities to attract investors, including reducing fees related to services, and payment facilities And bear some fees, such as real estate registration fees.
Good timing
For his part, Mahmoud Al-Borai, Vice President of the International Federation of Real Estate Real Estate, a member of the Board of Directors of the International Federation of Real Estate, said that “the current time is very suitable for investment in the real estate sector,” due to the fact that prices have reached a level suitable for all groups, even for people with low incomes, so offers from The developers are good in terms of installments over several years, exemptions from service fees, and others.
He pointed out that the developers have become more realistic, citing this by shifting from a focus on luxury real estate to middle-income real estate, and providing attractive offers such as carrying registration fees and installment offers over several years, and exemption from service and other fees, and after the outbreak of the Corona virus, we expect more realism Reducing profit margin from previous periods.
Al-Borai advised the real estate investor during this period to follow several strategies in order to benefit from the market at the present time, the first is the strategy for seizing opportunities, secondly negotiating prices, and the third to diversify his investments to reduce the risks.
Regarding the incentives needed by the real estate market during this period to achieve more movement, Al-Borai clarified that the presence of a unified contract, or unified clauses that protect the investor from delay and changes during the development period, comes at the forefront of incentives, in addition to encouraging financing and collective investment, and rationalizing electricity and refrigeration consumption In projects using the technology component, to reduce service fees, which means raising rental returns for investors in light of falling rents.
Real estate sector
In turn, the real estate expert, Walid Al Zarouni, Chairman of the Board of the Real Estate Brokerage Company, said that “the current time is suitable for investment in the real estate sector in the Emirates, due to four main factors, namely: the availability of attractive prices that are within reach, and payment facilities. Unprecedented three to five years after delivery, in addition to the launch of a rental product ending with the ownership by some developers, in addition to postponing (Expo 2020 Dubai) for one year ».
He added that the developers have begun to deal realistically with the exceptional circumstances associated with the repercussions of the Corona virus, by reducing their profit margin, in order to sell their projects, which means their acceptance of the current reality, considering that real estate offers are good to enter the market in the current period.
He pointed out that there are many incentives that the real estate market needs at the moment, and it must be taken into account with a view to encouraging capital to enter the sector, the most prominent of which is the unification of sales contracts on the map, reducing real estate registration fees, reducing resale fees, and tightening control on advertisements And real estate offers.
The golden opportunity
For his part, the real estate expert, Hisham Al-Assaad, said, "The current time is not only appropriate, but it is a golden opportunity for investors to buy a property, whether it is for the purposes of living in it or for investment, as the market is expected to recover over time, and the next recovery can be proven through data." Registered and available to the public, based on the application of the Dubai Land Department.
He pointed out that the real estate developer is now ready to accept and agree with the changes that reduced his profits, despite the fact that all developers provide facilities.
He added: «We are witnessing more real estate facilities besides the previous ones, as some of them reduced the reservation provider for ready-to-move apartments, and gave longer repayment periods that extend in some cases to 10 years, as well as the banks that finance housing loans with zero interest, and can reach seven years, In addition to previous benefits such as exemptions from registration fees, payment plans after the completion of projects delivery, and monthly installments ».
Investment opportunities
For his part, Alaa Massoud, General Manager of Marketing and Sales at Al-Rowad Real Estate Company said that the market has many investment opportunities that cannot be compensated, and there is a saying that (in times of crises wealth is created), and the real estate sector in conjunction with the offers it provides Real estate developers provide investment opportunities for those who wish to obtain good returns in the future, as it is one of the most prominent sectors that have proven themselves to be a store of value at the time of the crisis, especially with payment facilities that have reached 10 years in some projects, and reductions on registration fees that have reached 100% And an exemption from service fees that ranged between five and seven years in some projects.