The Dubai property market is booming and bustling amidst a global financial slowdown. Infact if we compare the 1st quarter of 2020 with that of last year, we see a continuing trend in regards to the investments in the real estate sector. Both commercial as well as residential investments flowed in from all parts of the globe. This in itself is a testament of Dubai being a truly global city and a sought out destination for property investment. Businessman and investors are showing keen interest as they know that once the Expo 2020 Dubai commences, the rates are bound to go up.
However the realtors are also ready to serve this ever growing demand. Infact as per many experts there are around 50,000 new units under construction which are going to hit the real estate market very soon. Even though the number of new projects to be launched is less than that in 2018, realtors say that they are more focussed on completing the existing projects under construction to meet the increasing demand. They are positive that with Expo 2020 Dubai and Dubai International Boat Show investments for newer projects will for surely flow in.
The government of the UAE is also keen to achieve their 50 year plan of economic development and prosperity. Now with a colossal event like Expo 2020 Dubai, the government is coming up with initiatives and legislations to attract more and more investments into the Emirate. Long term residency visas to ease of doing business initiatives is helping steady investments into the economy, especially the real estate market. Banks and financial institutions are also extending loans to the multinational conglomerates and other businesses to set up their shop in the UAE. Despite the travel restrictions and economic slowdown, investments from China did come in. The investors did not delay any payments and all the Chinese investment developments are proceeding in full swing. It is also true that no new investments came in from China after the Coronavirus breakout but experts believe that this slow down is only temporary and are positive that within 6 months, the market will pick up pace.
In terms of how things are looking for potential buyers, there could not have been a better time than right now. The real estate market is flooded with a wide range of offerings for almost every single person who is interested. Not only is it a great time for potential buyers but also for tenants as the rents would be considerably low in the first half of the year. Also they can choose from a variety of different residential properties with state-of-the-art amenities and strategic location. All in all we can still say Dubai’s real estate market to be a much safer bet and is also the way to the future of mankind with Expo 2020 Dubai.
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