Realtors: Intense competition and increase in vacancies motivated owners to hire specialized companies

The “pandemic” raises the demand for “real estate management” in Sharjah by up to 30%

• The real estate market in Sharjah has recently witnessed, especially since the beginning of 2021, a remarkable activity in the demand for "real estate management" activity.

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Realtors reported that the Sharjah real estate market recently witnessed a noticeable increase in the demand for "real estate management" activity, with growth rates ranging between 15 and 30% compared to the period before the "Corona" pandemic.

They told "Emirates Today" that this phenomenon is one of the most prominent effects of the pandemic on the real estate sector through the variables imposed by the high intensity of competition and the increase in vacancies of real estate units in some areas of the emirate, which motivated owners to hire companies specialized in "real estate management".

In turn, the representative committee of the real estate sector in the Sharjah Chamber of Commerce and Industry considered that the growth in demand for the activity of "real estate management" is one of the manifestations that reflect positively on the sector, as it supports the continuous improvement and development of services in buildings, and maintains the quality of buildings and maintenance through services. professional.

remarkable activity

In detail, the Executive Director of "Al Som Real Estate", Sufian Al Salamat, said that the real estate market in Sharjah has witnessed during the recent period, especially since the beginning of this year, a remarkable activity in the demand for the activity of "real estate management" through contracts with companies specialized in this, explaining. The demand for “real estate management” increased by 25-30% compared to 2019.

Al-Salamat indicated that the high demand for “real estate management” activity is largely due to the increase in competition in the market, and the increase in vacancies for real estate units in some buildings, as a result of the effects of the “Corona” pandemic on the real estate market in the country in general.

Attracting tenants

Al-Salamat added that a number of landlords have started to switch, during the recent period, from working with old traditional systems to hiring companies specialized in real estate management to support the competitiveness of buildings in attracting new tenants.

positive effects

For his part, the real estate expert, head of the “W Capital” real estate company, Walid Al-Zarouni, said that the remarkable increase in the Sharjah real estate market, recently, in the demand for the activity of “real estate management” is one of the most prominent effects imposed by the repercussions of the pandemic on the markets, considering that it is considered Among the positive effects that make management operations carried out by specialized companies with professional expertise in the sector, which is reflected positively, whether on the tenants in obtaining good management services, or for the owners in raising the quality of management of the buildings that belong to them.

exceptional year

Al-Zarouni explained that the estimates of demand growth rates for the “real estate management” activity, according to market indicators, ranged between 15 and 25%, compared to the pre-pandemic periods during 2019, while it is difficult to compare to last year, which is exceptional in its circumstances in all areas, given what He witnessed it from the height of the pandemic and its effects.

variables

In turn, the real estate broker, Majdi Abdel Aziz, explained that the increase in demand for "real estate management" in the real estate market in Sharjah is noteworthy, finally, as a result of the high intensity of competition between landlords, whether to attract new tenants or to maintain existing tenants.

He indicated that the estimated growth rates to increase the demand for the "real estate management" activity ranged between about 20-30% according to the regions of the emirate, expecting that the coming period will witness a gradual growth in that activity.

Abdulaziz added that some owners were working individually according to their personal experiences or through their employees in the buildings, but with the changes imposed by the pandemic, most notably the increase in vacancies in buildings, a number of owners went to use new contracts in the "real estate management".

improvement and development

In addition, the head of the representative committee of the real estate sector in the Sharjah Chamber of Commerce and Industry, Saeed Ghanem Al-Suwaidi, stated that the market witnessed gradual growth rates during the recent period in the demand for “real estate management” activity, with an increase of between 15 and 20%, compared to the pre-pandemic periods. .

He said that such manifestations imposed by the repercussions of the pandemic on the market are positive as they support opportunities for continuous improvement and development of services in buildings, and maintain building quality and maintenance rates through professional services and not through individual experiences only for employees.

directions

The head of the representative committee of the real estate sector in the Sharjah Chamber of Commerce and Industry, Saeed Ghanem Al-Suwaidi, said that there are directions under study to discuss ways to motivate all owners to use specialized contracts for “real estate management” in their buildings, which will reflect positively, whether on the owners or the tenants. .

• The growth in demand for «real estate management» supports services in buildings, and maintains their quality.

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