The pandemic has disrupted the global market in unprecedented ways. The UAE also endured shocking impacts of this pandemic during the first and second quarter of 2020 and was among the first few countries to gradually come back to normalcy.
The leadership of UAE and the active role of Government organizations, the law enforcement authorities and healthcare providers ensured that the viral outbreak was managed well through a series of guidelines, restrictions, precautions, health, and safety measures.
The citizens and residents in the country also played their part by adhering to the guidelines and positively supporting the intention of the nation. The flexibility given to people to work from home, children to learn from home and access to an established network of online government portals and essential apps also helped to keep the outbreak under control.
My recent discussions and the data I analyzed on property portals about user behavior shows a surprising trend for Real Estate market during the last two quarters. The number of enquiries for rental properties and properties to buy have increased significantly. This was a startling revelation for me, and I started to conduct surveys and interviews to gather the mood of the market.
Home has become everything for us. Home was always everything, but we just recognized and realized how important it is to us during this lockdown. This is precisely why property enquiries just went up the graph during the past many months!
Here are some interesting reasons for the ongoing interest for properties in Dubai:
1. UAE ‘s swift response to the pandemic to the county and the world
The government of Dubai was swift in taking necessary actions to protect its community. The government also set up state of the art infrastructure across the nation for covid testing, several field hospitals across the Emirates and the availability of healthcare professionals. These actions reflected the maturity of UAE compared to many other developed countries.
The UAE was also in the forefront in distributing Ventilators, PPE Kits, and other necessary healthcare provisions to countries around the world.This had a profound interest and positive impact among the wealthy who saw UAE and Dubai as the right place to move in during uncertain times. It felt safer being in Dubai where healthcare and medical provisions were widely available than any other country.
2. Emirates Airlines– The flagship airline was leading the distribution of medical supplies, food, and other essentials during the lockdown. Emirates Airlines was also the first among many airlines to restart operations under strict safety measures. High end technology enabled heath screening and medical tests at arrival terminal also infused the much-needed confidence among the incoming tourists. These actions brought in a lot of interested people who wanted to settle in short to midterm in Dubai unless things were safer across the world.
3. Open Lands - Dubai is well spread with so much empty natural space enabling people to breathe fresh air even while restricted. This fact also enabled people to catch a plane and be around in Dubai as soon as the airports opened while the world finds a how to navigate and live through the viral outbreak.
4. Need for space – The residents and tourists wanted to either buy a new house or rent a bigger house. Residents with smaller balconies wanted bigger balconies, others wanted to upgrade from apartment to villas for the benefit of more space and open space. Families were both adults were working, and kids were home learning identified the need for home office and learning spaces fueling the need to upgrade homes creating a spike in rental enquires.
5. Fair pricing – Be it to invest in a new property or to rent a new property, the prices cannot get any better. This realization is one reason for the increase in number of enquires for properties agents in Dubai.
6. The Sunshine – There is an exceptionally large population who believe the temperature and weather of United Arab Emirates acts as shield against covid-19.
Coronavirus has been a catalyst for the real estate market and these unprecedented times can stimulate you to either retrench or think about having a safe investment plan. However, before purchasing an investment property, one must ensure to have a steady cash flow, sufficient emergency funds to withstand any difficult times, and their combined liabilities do not exceed 50 – 60% of your income, also validate the developer credentials.
Earning profits effortlessly with a solid investment plan is the best way to secure your future. With all these softened and flexible initiatives by the UAE Government, even a lower-income recipient would find it feasible and pragmatic to own a property and evade paying rents.
With all the commotion occurring in different countries around the world, people have been apprehensive about safety in their home countries and are reviewing safer places to purchase a home.
According to polls and studies, UAE has been ranked as one of the safest places and offers premium lifestyle, education, state of the art healthcare system, and housing facilities with the exemption of income tax. What more could one ask for from a country? All these factors are more than inciting enough to invest in the UAE.
With the United Arab Emirates leading in humanitarian activities, adoption of a digital economy, significant investments into infrastructure, security, healthcare, innovative educational system it is the right destination to live, work and invest.