In addition to investor confidence in the economy and good crisis management

Dubai real estate has overcome the repercussions of "Corona", with the support of government initiatives and developers' facilities

• The availability of security and safety contributed to Dubai real estate overcoming the crisis successfully.

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• The next stage will witness a remarkable activity in the real estate market.

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Realtors reported that government initiatives and developers' facilities were among the most prominent ways in which Dubai real estate faced the repercussions of the "Covid-19" crisis, and they indicated, in statements to "Emirates Today", that there were other factors that contributed to recovering from the repercussions of the crisis, most notably confidence. The continuous efforts of the foreign investor in the Dubai economy, and the good management of the crisis on the part of the emirate.

positive factors

In detail, Walid Al Zarooni, Chairman of the Board of Directors of the "W Capital" real estate brokerage, said that "the rapid response to the repercussions of (Covid-19), the multiple government initiatives, and the strength of the local economy, were the most important positive factors to maintain the momentum of the real estate sector in Dubai, and not be affected by it." , to quickly overcome the pandemic, with a good position in terms of improvement in basic market factors, demand growth, supply reduction, and the return of prices to recovery.

Al-Zarouni stressed that government initiatives had a pivotal role in supporting the sector, as the state amended the legislation aimed at increasing the population in the country, and granted golden residencies in return for owning real estate, in addition to the facilities provided to investors, and the provision of 100% ownership of commercial activities.

He explained that the difficulty of the crisis, that it was not expected, and its repercussions on the global economy were unprecedented, but that Dubai's economy was strong enough to maintain all areas that contribute to the domestic product, especially real estate.

He pointed out that the availability of liquidity among the population in the UAE, as a result of the closure during the past year, and the suspension of travel, led to an increase in the value of savings, and prompted the search for a safe haven for investment, such as real estate.

Huge facilities

In turn, the Director General of Awad Gargash Real Estate Company, Dr. Raad Ramadan, said that "the most important reasons supporting the real estate sector's recovery from the repercussions of the (Covid-19) epidemic, include the leading role of government departments, providing huge facilities, and reducing approved fees."

Ramadan pointed out that “Dubai has proven, during the pandemic period, that it is not a city that thinks of business only, but that it thinks of people and their health, and that it reduces the burdens of living for them.”

He stated that "the second reason was that private real estate owners reduced the prices of residential real estate, accompanied by a similar move by real estate developers, which eased the burdens on the tenants, and helped to overcome the period with great flexibility."

Ramadan stated that the third reason included a significant reduction in commercial rents, which amounted to between 30 and 50 percent, which helped shop owners absorb the repercussions of the crisis, and quickly overcome them.

good management

For his part, the Chairman of the Board of Directors of Al-Waleed Real Estate Group, Muhammad Al-Mutawa, stated that “the main reason for Dubai’s success in dealing with (Covid-19), is the good management of the crisis, and this was like a pomegranate of balance that dazzled the world, as the emirate did not differentiate Between the citizen and the resident in the way of dealing with the pandemic, and in vaccination as well.”

Al-Mutawa added that “the presence of continuous security and safety, even with the existence of the crisis, contributed to overcoming the pandemic, and Dubai real estate successfully overcame the crisis, which gave a lesson to all countries that Dubai is an oasis of safety,” noting that “they took a lesson from the UAE’s good handling of the pandemic.” And that this is one of the important lessons that investing in Dubai may be better than the original home.”

government support

In turn, the CEO of "Standard Real Estate", Abdul Karim Hassan Al Mulla, said that "the reasons that helped Dubai real estate successfully overcome the (Covid-19) crisis, are summarized in managing the crisis efficiently, and the unlimited government support for the real estate sector," adding that "from Among the reasons that helped to overcome the crisis, the confidence of real estate investors in the government and its orientations regarding the crisis.”

In the same context, the real estate expert, Muhammad Al Ali, said, “One of the most important reasons that helped Dubai real estate overcome the (Covid-19) crisis is the policy of maintaining public health in terms of vaccinations, medical examinations on a daily basis, in addition to the quarantine in Dubai," adding that "the reductions that took place on government transactions and procedures, facilities for obtaining licenses, and opening offices and small establishments, also contributed to supporting investment and self-employment in Dubai."

He explained that "the third reason, which helped Dubai real estate to overcome the crisis (Covid-19), is the presence of equality in prices, in terms of supply with demand, in most projects in Dubai."

Dubai is an attractive destination for business

“Dubai was one of the first cities to open its doors to tourism globally, investors realized the importance of its attractive center for doing business, and all structural reforms were carried out,” said the CEO and co-founder of Smart Crowd, a digital platform specializing in investment and crowdfunding real estate, and a unique friend. The government enacted from virtual visas to long-term visas, 100% ownership, as well as the granting of citizenship, to increase investor confidence, and the subsequent recovery in the real estate market.”

He added: "Because of the closure, and the limited travel, many people were able to save more money, and realized that the lower prices meant that the time was right to acquire the first home in Dubai, and as a result we are witnessing a significant increase in the proportion of first buyers."

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