DAMAC: The market is witnessing a slowdown in the expansion of retail space
Coronavirus imposes a shift towards residential projects and industrial warehouses
Damac expects a recovery in the real estate sector during the first quarter of 2021. Photo by Ahmed Arditi
Ali Sajwani: “Expectations indicate the possibility of a remarkable recovery in the real estate sector during the first quarter of 2021.”
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The general manager of operations at Damac Real Estate Company, Ali Sajwani, said that the real estate market is witnessing a major shift, which is focusing on residential projects and industrial warehouses, in exchange for reducing retail centers and commercial offices, due to the circumstances imposed by the pandemic of the new Corona virus (Covid -19).
He added to "Emirates Today" that the increase in demand for online shopping and the decrease in the number of visitors to shopping centers led to a shift in the retail sector in relation to the real estate market. The need to store goods.
He pointed out that the real estate sector was greatly affected in the past period, especially at the beginning of the crisis, as the value of combined transactions decreased during the months of March and April 2020 by 47.3% on an annual basis, and the number of deals decreased by 46%.
He continued, "The pandemic imposed a reshaping of future perceptions of the real estate sector, giving specialists flexibility and awareness of the changing needs of dealers, and these needs are what will shape the building for the future."
He stressed that despite the difficulties that the real estate sector has witnessed during the year 2020, it continues to grow, and that although the environment has become less predictable, real estate companies are able to ensure success by strengthening their basic assets in managing assets, to become more agile. And speed in making decisions and implementing changes more quickly, and adapting to digital transformation, as the future way forward, and understanding the changing spending habits, and the needs of the customer base.
Sajwani pointed out that expectations indicate the possibility of a remarkable recovery in the real estate sector during the first quarter of 2021, which requires real estate companies to focus on the stability of their business, in conjunction with these expectations related to improvement in the overall indicators of the real estate market.
He emphasized that these expectations are not far-fetched, especially in conjunction with the aid provided by the government to the sector and its initiatives at the public level, which will help companies attract local dealers and foreign investors, indicating that the Emirate of Dubai will continue to attract foreign capital, as it is one of the fastest growing cities. Regionally and globally, and a major destination for investors.
Sajwani pointed out that the presence of real estate brokers with a high competitiveness in the market has increased the attractiveness of the sector, as there are international brokerage offices, and of all nationalities, operating in Dubai, which gives the real estate sector weight and attracts more foreign real estate investments.
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