According to the Dubai Land Department, a total of 4356 sales transactions were recorded in just the first two months. The start of the year seemed to be going according to the planned preparations for the Expo 2020. Even Sultan bin Ali Al Owais, Emirati developer and real estate asset manager started out bigger projects. Recently a project comprising 250 units was started, all of which are in close proximity to the upcoming Expo 2020.
Real Estate Transactions In UAE
Considering statistics provided by DLD, there was a 12% hike in January and a 33% February compared to last year. Furthermore, the hikes in February escalated to a maximum of 76% for off-plan transactions. This included almost 504 off-plan villas. Also, to be noted was the amazing figure of 2251 transactions for apartments. This goes to show that property for rent was the center of attention before the circumstances changed. Even now, with reasonable precautions being exercised, plans are underway to increase the number. No matter what problem arises, one thing that everybody is trying to ensure is sufficient accommodation. Since a lot of influx of visitors and investors are expected to arrive, projects were lined up to fulfill the requirements. To this end,
apartments for rent in Dubai are more available than ever.
Effects of the Virus on Real Estate
Amidst the chaos of the global pandemic, massive changes in policies are being introduced. This includes UAE’s recent annulment of municipality taxes on tourism and entertainment sectors. Arada unveiled its newest project for Sharjah’s Aljada area, named Madar. This is an addition to the large-scale resorts for family entertainment. As successful as this project could be, however, its glory days will have to wait. Needless to say, everything is affected due to the spread of the virus and the state can’t take any risks.
Abu Dhabi went as far as to offer its citizens a 20% rebate on rentals for businesses in the food and entertainment sectors. They decided to put off the following:
- Registration fee for property
- Annual registration fee for commercial vehicle
- Tollgate tariffs for all vehicles
Dubai’s Dream Inn, which is a short-term rental business, has been expanding in the city. They laid out plans in anticipation of the Expo 2020 along with other similar businesses. However, shareholders and market experts are discussing the plan of action considering the ongoing situation.
Dubai Property Future Possibilities
Although it is difficult to predict with the current pandemic circumstances what will become of all these development projects, UAE seems to be faring really well.