Real estate expected that the real estate market in the UAE will witness a new boom, and to enter the stage of "seizing opportunities", particularly with the start of the second half of the year 2020, and they expected real estate sales to increase by up to 50%.
They told «Emirates Today» that one of the most important reasons for these expectations is to ease restrictions and measures that were taken due to the outbreak of the new Corona virus (Covid 19) globally, and to start activating investment decisions that were postponed due to the conditions in the world and the region, in addition to other factors that will contribute to The movement of real estate sales, the most important of which is a price correction that contributed to providing good market opportunities, facilities by real estate developers, and government incentives.
Optimism and confidence
In detail, the CEO of "Standard Real Estate Management Company," Abdul Karim Al Mulla, stressed that there is great optimism and confidence from all parties in the real estate sector, with sales growth during the next three months, which despite being within the summer months, the summer of this year will be different.
Al-Mulla expected real estate sector sales to increase between 40 and 50% during the summer period, attributing the forecasts to several reasons, the most prominent of which is the expected easing of precautionary measures and measures due to the new Corona virus (COFED-19) globally, which will encourage many people to move and enter real estate deals. New.
Al-Mulla pointed to the expectations of the start of activating investment decisions that were postponed due to the restrictions on movement. He said that keeping many investors inside the country, and canceling travel plans this year, would increase the base of potential investors.
Al Mulla advised investors to exploit and seize real estate opportunities at the present time, especially with good opportunities in the market in terms of price, payment plans, and financing facilities.
Seize opportunities
For his part, real estate expert Walid Al-Zarouni expected that the real estate market in the UAE would enter the stage of "seizing opportunities" during the remaining months of this year, in conjunction with the presence of facilities and price corrections in the market, in addition to the increasing rise in the levels of optimism and confidence in all Parties to the real estate sector, in conjunction with the easing of precautionary measures related to the Corona virus.
Al-Zarouni expected that the real estate market in the UAE would witness a new boom, particularly with the start of the second half months of 2020.
He said: «There are a lot of investment decisions that were postponed in the past period, due to the precautionary measures», indicating that although the summer period is considered weak and calm in real estate sales, this possibility may change during the current summer.
The response of the developer
In the same context, the General Manager of “Awad Gargash Real Estate Company”, Raad Ramadan, expected that trades would witness a positive movement during the remaining months of the year, and sales would rise to double during the summer period, in conjunction with an expected mitigation of the precautionary measures that postponed many purchasing decisions for the period Coming.
Ramadan indicated that there is a response from the real estate developer to the conditions the market is currently experiencing and the real estate reality, as the real estate developer has contributed to moving the market by providing investment opportunities for many potential investors in the real estate sector, by providing appropriate prices and easy financing methods.
He added, "The payment facilities reached time periods ranging between five and eight years, up to 10 years with regard to freehold ownership."
The valley: competitive offers and correction
The managing director of the "Harbor Real Estate Company", Muhannad Al-Wadi, said that the period from the beginning of this year witnessed a major impact on sales due to the Corona virus and the process of precautionary closure, stressing the ability of the market to overcome the effects of this crisis in the summer period.
The Valley expected sales to increase by 50%, pointing to recent reports abounding with positive expectations for the real estate sector to thrive in conjunction with the opening of the economy, increasing investor appetite, price correction, favorable terms for the purchase of real estate, and facilities provided by developers, as well as focusing on providing competitive offers, from Easy payment plans.
The expected easing of precautionary measures, and the start of activation of deferred investment decisions, supporting the real estate market.