Global real estate market has taken a hit due to Covid-19 and real estate in Dubai is no different. March 2020 was the time when the actual impact of Covid-19 started to be felt in UAE. When Dubai went into lockdown to control the deadly virus, real estate sector in Dubai came to stand-still.
It did not last long thanks to the quick and effective measures taken by the government and Dubai Land Department. They introduced online approvals for buying and selling properties. There were guidelines which made the transactions safe and secure for both the buyer and the seller. Real estate portals and companies started using technology to overcome the issues. They showed the properties with the help of 360 virtual tours and sales meeting turned into virtual meetings.
The slowdown in the real estate sector did not last long and transactions gained momentum from June 2020 onwards. Sales volume as per the information shared by Dubai Land Department in May 2020 was worth AED 2.46 Billion. It recovered at a decent pace in June 2020 reaching AED 4.71 Billion, showing no signs of slowing down. The real estate in Dubai has always been and will remain as one of the fundamental of the country’s economy.
Right time to buy and invest in Dubai property
There is always one question in buyers mind! Is this the right time to buy and invest in Dubai property market or should one wait furthermore??
One cannot confirm or predict at this stage the extent of the global economic fallout from the current crisis. But seeing the present circumstances one can say that the prices of property in Dubai today have nearly reached the bottom. The promotions and additional payment facilities given by the developers in the current situation attracts the buyers as these will not last long enough and will be coming back to the normal terms and conditions as soon as the global economic situation starts showing sign of improvements.
The coming 2 quarters of 2020 will present lot of opportunities for buyers with options of long – term payment plans and investors who are seeking high rental yield will be benefiting from the present pricing in the market. As the Dubai Expo 2020 which is to be held in October 2021 property market will be showing a positive movement from 2021.
If you are interested in securing your future by investing and getting a steady income giving high returns year on year today is the time to invest in property in Dubai.
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Photo Credits: Aleksandar Pasaric from Pexels
