Out of the box

2020 and the real estate sector

Ismail Al Hammadi

December 29, 2020

A few days and the year 2020 closes its veil, to leave the room for a new year, God willing, for us to have in it, a year that has passed, and I think it was the worst year that humanity knows, morally and materially, in which various economic sectors were severely affected, including the global real estate sector.

The Dubai real estate sector was not in isolation from that, and negative analysts spared no effort in exaggerating expectations, and biased data and reports spared no effort in fueling the global economic situation and inflating the size of losses, to the point that some turned it into an economic disaster that would knock on Dubai’s door this year!

However, the reality was completely contrary to those analyzes, and contrary to expectations, satisfactory results appeared thanks to the efforts made to protect the sector and accelerate its recovery, especially since the position that Dubai has achieved at the level of several economic and social fields does not allow it to retreat or remain silent, so 2020 was the best year in which we read between The lines, and we discover what was withheld from us, to make a new and strong start for the real estate sector.

In 2020, we realized that the future of the real estate sector is not limited to the efforts of the real estate developer, or the government agency that regulates and directs the sector, but rather is the juice of the efforts of all concerned parties, from a decision maker, developer and intermediary, through the real estate manager and marketer, to the consumer .. We join hands to advance the sector And everyone benefits without exception.

In 2020, efforts were intensified to upgrade smart services and facilitate the completion of digital transactions, to become an indispensable principle in the future, and whoever knocked on the door of the Land and Property Department to complete his real estate transaction and hesitated to complete it remotely, by virtue of not being aware of technology, it has become imperative for him to He gives up that habit and adopts digital services to complete his transactions.

2020 was an opportunity to direct customers digitally, and to expand the activity of smart platforms, so our steps were faster than before towards raising the level of digital transformation capabilities, and establishing the smartest city of its kind in the world.

In 2020, we realized that the secret of our strength is in our cohesion, and in speed in keeping pace with the train of changes, as the most recent year has witnessed a series of laws, legislations and regulations for the market and the sector, and a successive pace of economic initiatives and financing facilities, special promotions, and housing options at attractive prices, which may have been difficult to obtain. From before.

It was a year in which the spotlight was restored to luxury and premium properties, thanks to the corrective trajectory of market prices imposed by the global health crisis.

In 2020, the real estate sector drew for itself a new path in developing housing units that meet various needs, and designing spaces that guarantee the highest standards of quality of life for all family members ... a year that brought large areas back to the fore at the expense of the small spaces that flooded the market.

In 2020 it turned out that the industrial sector is the most important, and industrial real estate is part of the real estate sector, which must be taken care of to enhance the level of real estate investment.

It was not an ordinary year, but in my opinion, regardless of the size of the losses in it, it was a positive year for reviewing the gaps in the real estate sector, and all other economic sectors, and restoring them again to be more powerful in the future.

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