Realtors confirmed that the market is still witnessing an increase in sales, supported by the availability of liquidity and appropriate prices
Increased demand for Dubai real estate pushes developers to reduce purchasing facilities
Realtors: The current market conditions are the best opportunity to invest in Dubai real estate.
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Realtors confirmed that the tempting offers that developers were offering to invest in Dubai real estate recently, especially during the pandemic period, increased demand significantly, which prompted developers to reduce or reconsider purchasing facilities.
However, they assured "Emirates Today" that despite this, real estate sales in the emirate are still increasing, with the availability of liquidity and appropriate prices for purchase, in addition to government facilities for golden residency, and 100% foreign ownership.
They said that the Dubai real estate market has been witnessing continuous monthly improvement, since June of last year until now, noting that this improvement came after the great impact, during April and May 2020, due to periods of closure in light of the precautionary measures to combat the "Corona" virus.
noticeable request
In detail, the CEO of Binghatti Real Estate Development Company, Mohammed binghatti, said that the demand in the Dubai real estate market had increased significantly during the previous period, thanks to the attractive offers, but he stressed that this demand reflected negatively on the facilities that were provided by developers, especially During the peak period of the global COVID-19 pandemic.
Bin Ghati explained that the long-term payment plans, which extend from three years to more than five, began to decrease with the sales activity, finally, and this indicates that the buyer, who enjoys good cash liquidity, has become more available in the market, and is not hesitant to seize the available opportunities. .
He added that the current market conditions are the best opportunity to invest in real estate, because all indications indicate that the market is about to launch and head to higher levels.
right price
Binghatti stated that investors are currently looking for the right price, and are preparing to buy amid the availability of liquidity, pointing to the increase in foreign investors' demand for Dubai real estate, with the support of other economic factors, including the increase in oil prices and the improvement in stock prices listed in the Gulf markets, as well as low interest rates. And modernizing legislation to support attracting investments and attracting new categories of foreign investors.
best cases
For his part, the real estate developer and Chairman of the Board of Directors of Fam Real Estate Group, Faisal Ali Mousa, said that the real estate market in Dubai is currently going through one of its best cases in light of the recent increase in demand for real estate, as it has witnessed continuous monthly improvement, since June 2020 until Now, it came after the great impact, during the months of April and May, due to the closure in the country, in light of the precautionary measures to combat the “Corona” virus.
Moussa added, "Families' demand for real estate led the growth thanks to the availability of liquidity to them, after the travel halt, and the saving of significant sums that they pumped back into a safe haven, which is real estate."
He stated that some of the facilities provided contributed to encouraging demand, with an increase in the repayment period from six to 10 years, noting that the market witnessed intense competition between developers, during the past year, to acquire a larger share of the market.
Moussa agreed with Binghatti that the increased demand for real estate as a result of attractive offers, later reduced the facilities offered by developers.
purchase decision
Regarding the investor’s position in real estate and his reluctance to make a purchase decision, Moussa said: “The situation has changed now. In the past, the investor used to take a month or more before making a purchase decision, but now the investor takes his decision as soon as possible, no more than two days.”
Moussa stressed that the market is currently in its best investment conditions, and the opportunities are encouraging for everyone who wants to invest, adding: "If the investor does not seize the opportunity now, he will not find better offers than now, despite the lack of facilities."
plurality of opportunities
In turn, the real estate broker, Muhammad Al Ali, saw that some investors have recently become reluctant to make the decision to buy the right property, due to the multiplicity of opportunities and temptations offered by developers, whether big discounts or long-term payment privileges.
He added that the prices are low, explaining that, for example, the price of the unit "room and lounge" has reached the level of 485,000 dirhams, which is an attractive value for investment.
Al Ali stated that a small group of developers have reduced the pace of their promotions, while the rest of the developers are investing heavily in offering discounts and offers, stressing that the demand is very high in the market by supporting prices and offers.
'reasonable' prices
In the same context, the Director of Administration and Development at Al-Waleed Real Estate Group, Muhammad Turki, confirmed that there is an active selling movement caused by “logical” prices, with a profit opportunity in the event of resale, in addition to the developers’ payment facilities and banks’ lending facilities currently.
Turki added that the investor's opportunity has become excellent, given the moderation of selling prices and the facilities offered, with the possibility of achieving a profitable profit in the event of resale.
He pointed to the high demand for villas and "townhouses", and the increase in their rents and selling price, indicating that the apartments are still in their condition with the large supply.
safe opportunities
In addition, Alaa Masoud, Head of Marketing at Aras Group, said that there is a growing demand for Dubai real estate, despite some developers reducing their promotional offers that they previously offered, evidenced by the remarkable demand from investors looking for safe investment opportunities available in Dubai. In light of the continued closures and fear of the spread of the pandemic in their countries, in addition to the facilities for golden residency, and companies own 100% of foreigners.
Masoud pointed out that there are individuals who wish to upgrade their real estate investments with the availability of exceptional opportunities, which has created an increase in demand accompanied by a rise in prices and their return to pre-pandemic levels, expecting that there will be a recovery in the real estate market during the next five years, especially in light of the successive establishment of International events and the approaching launch of the Expo 2020 Dubai, next October.
positive thing
For his part, the real estate expert, Walid Al Zarooni, Chairman of the Board of Directors of the “W Capital Real Estate Brokerage Company”, advised investors to pay attention to the real estate opportunities in the market, and to take advantage of the facilities and repayment periods of up to 10 years.
However, Al-Zarouni said that real estate offers have begun to decrease gradually during the recent period, under pressure from increased demand, considering that this is a positive matter that reflects the extent of market activity.
He stressed that the offers had an active role in stimulating sales during the pandemic year, but with the recovery from the repercussions of the pandemic, the demand improved strongly, and the categories of investors and their good financial solvency diversified, which led to the abandonment of some real estate developers from submitting offers.
Increasing purchase... and slow leasing
Abdul Karim Al Mulla, CEO of Standard Real Estate Management, confirmed that the recent period witnessed an increase in demand for real estate in the Dubai market, but in part, explaining that some successful projects are in great demand, but the matter is subject to supply and demand. The same depends on the quality, quality and location.
Al-Mulla said that there is a general demand, more than before, for investment in the real estate sector, but he indicated that in the rental market, some areas are still facing a slowdown.
He considered that the time is now suitable for investment, as prices are at attractive levels for purchase, with expectations of an expected increase in light of the recovery and the reopening of closed economies.
• Dubai real estate market has witnessed continuous monthly improvement since June 2020.
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