They asserted that Corona motivated developers to reduce prices

Experts: 2020 ... the year of seizing opportunities for real estate investors

Real estate experts said that the opportunity is still available to take advantage of the price correction at the present time, stressing that this year is the year of the real estate investor, in conjunction with the existence of unprecedented opportunities in the real estate market.

They emphasized that the Corona pandemic was a reason to motivate developers to reduce prices, noting that 2020 is a year (seizing opportunities for investors and buyers) to take advantage of the opportunities available and unprecedented facilities in the market.

Challenges and opportunities

In detail, the Chairman of the Board of Directors of "Sahab Real Estate", Abdulaziz bin Hoyden, said: “In Dubai, challenges turn into opportunities, and the (Covid-19) pandemic is one of the most challenging the world has witnessed in recent decades, but the pandemic was a reason to motivate developers to Reducing prices and supporting the buyer with various facilities, taking into account the supply pressure, especially in the new areas in Dubai, which made 2020 a year (seizing opportunities for investors and buyers) in the real estate sector in Dubai.

He indicated that these investment opportunities produced by the "Corona" pandemic may not remain available during the next year, with indications of the availability of the vaccine against the virus, and the readiness to return to normal life again, but that there will still be momentum associated with the organization of "Expo 2020 Dubai", which will be revitalized. Real estate demand.

He pointed out that the developers have provided many facilities to buyers, including diversification of offers, obtaining credit facilities, low interest rates of up to 2.2%, and the possibility of obtaining real estate financing at a rate of 75-85% of the property's value to investors, and the price correction of real estate has contributed to the availability of rewarding opportunities. In the market, the facilities also include facilitating payment plans, dropping down payments, postponing the first payment or starting payments next year, and other facilities that encouraged investors to seize these opportunities.

Bin Hoyden confirmed that prices witnessed a remarkable decline during the current year, due to the repercussions of the spread of "Corona", which led to the existence of great investment opportunities in the real estate market in Dubai, but it is expected that the market will recover in the coming period.

Attractive opportunities

For his part, Chairman of W Capital Real Estate Brokerage, Walid Al-Zarouni, said, “There are attractive investment opportunities in the real estate market in the UAE and they must be taken advantage of, whether in terms of low price levels, unprecedented payment facilities or offers offered by developers. For investors ».

Al-Zarouni added that the developers provide payment facilities that extend from 5 to 10 years after receipt, and this is a fundamental driver of the market, especially since the main obstacle for individuals to invest is the issue of payments and if there are facilities regarding this matter, this encourages individuals to buy .

He continued: «Prices have already reached the bottom, and I do not think that prices will fall more than these levels».

Turnkey projects

For his part, the real estate consultant, Saleh Tabakh, said that “due to the change of the date of (Expo) from this year to the next year, the year 2020 witnessed a large number of ready-made or semi-finished projects, which were targeting the exhibition, so that the developers have a number of units that are not Sold, ready for delivery or semi-ready, which provides the investor with an excellent opportunity to buy a property from the developer with attractive facilities and prices. Therefore, I advise the investor to focus on properties that will be ready within the next three to six months, to take advantage of the increasing demand in Dubai.

Tabakh pointed out that the payment facilities constituted a great advantage for the investor, although it posed difficulties in liquidity for the developer, as the developer’s resort to this type of facilities aimed at targeting the investor, but with the acceleration of global openness to Dubai, and an increase in external investors, it is expected that These facilities are shrinking.

He pointed out that the real estate sector is the most vital in the past period depending on local investors, but due to developments in the world, Dubai has witnessed a remarkable openness to tourism, and has become an important destination for businessmen, being the most stable in the region, which contributes significantly to a slight increase in prices. The increase in demand for waterfront units and real estate in the central tourist areas, and this indicates that we have, most likely, passed the stage of price descent to reach a stage of temporary stability in the market, and it is expected that we will witness a focus on the foreign investor and start increasing prices in small percentages in vital areas during the next six months. .

Investor power

For his part, the founder and director of the Royal Liwan Real Estate Company, Mohamed Bouhareb, said, “The real estate market is currently (the real estate investor market), as the investor has the power of negotiation, as he can obtain lower prices by 30-40% compared to the same period of the year. the past".

He pointed out that there is pressure on developers, especially those who have financial obligations, related to bank loans, which makes them acquiesce in negotiations and creates golden opportunities in the market.

In the same context, the Vice President of the International Union of Arab Realtors, Dr. Mahmoud Al-Burai, said that "the opportunity is still available to benefit from the process of price correction in the real estate markets", pointing out that the real estate market in the UAE is considered one of the best markets in terms of investment returns, stressing that this The year is the "year of the real estate investor" par excellence, in conjunction with the existence of unprecedented opportunities in the market.

Real estate supply

The managing director of the Harbor Real Estate Company, Muhannad Al-Wadia, said that “the real estate supply has begun the phase of stopping pumping more new housing units into the market, with major developers stopping offering new units in the market, which will restore balance to the market in the coming period. , Especially with the existence of a deterioration in prices in the last period, which confirms the high return on investment in the real estate market, which is considered one of the highest during the current period.

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