Dubai has remained a real estate hub for many years now for property buyers. The high ROI to investors and luxuries to residents it offers along with unparalleled amenities are some of the top reasons why it has been a place of interest for property buyers. However, as speculated, the demand for rental apartments/villas and property for sale in Dubai have dried up during the global pandemic i.e. Covid-19. As people are confined to their homes, investing in property or buying one has taken a backseat. Making arrangements for their basic necessities has become a priority for them.
With lockdown now gradually being lifted in Dubai, there is hope for the demand curve to rise once again. Restaurants and malls have opened while tourism in the city will resume from next month onwards. However, it is still unclear when the real estate industry will gather momentum. Having said this, consumer behavior is speculated to witness a change in this sector.
Apart from the basic features, there are going to be new additions in the checklist for property buyers before they finalize a property. Here’s how the post-COVID checklist for property buyers in Dubai will look like:
As stated above, the lockdown had people confined to their homes. They weren’t allowed to go out, apart from getting basic stuff or due to a medical emergency. With most people staying in closed apartments in Dubai, staying indoor 24/7 proved to be quite suffocating for them.
Real estate experts believe that once the lockdown is over, the interest of property buyers will shift towards villas. As villas are stand-alone properties with spacious rooms, the feeling of being locked in won’t be as suffocating is it in the apartment. Furthermore, in contrast to apartments where residents have to share certain luxuries i.e. swimming pools, gardens, fitness centers, etc. with others in the building, villa residents have all the amenities to themselves. With their own living spaces, they will be able to enjoy all these luxuries and comforts even if the world faces another pandemic similar to Covid-19 and everyone has to live in quarantine.
It goes with saying that villas are quite expensive. Hence, not everyone in Dubai can afford them. So, people who would want to buy an apartment or a penthouse, they will look for a feature, which was quite neglected earlier in the property. We are talking about a bigger balcony/terrace here. Usually, people don’t put much stress on this factor when looking for a living space in Dubai. However, now since they had to spend a few weeks in quarantine, they will certainly look for a property that has an open space where they can breathe some fresh air even if they are locked down in their home.
This is going to be another new addition in the checklist for property buyers in this city. Those who want to buy apartment in Dubai, they will look for a living space that isn’t congested but spacious so that they wouldn’t have to face many problems if they have to spend weeks in quarantine as is the situation currently. With closed apartments that aren’t airy or property ventilated, staying indoors for an enhanced period of time can prove to be problematic for many. Particularly those, who have a phobia of closed spaces (claustrophobia), living in such an apartment/penthouse/home will be comfortable.
Before the Covid-19 affected our lives, people used to look for residential developments with a prime location, unparalleled amenities, and enhanced comforts available at economical rates. However, after the lockdown is shifted, there’s going to be another feature added to this checklist. Property buyers are going to make sure that the development in which they are going to buy or rent a living space is properly disinfected on a regular basis. This will give them an enhanced peace of mind and satisfaction that there will be fewer chances of catching a virus even if the city is again hit by a pandemic.
People have breathed a sigh of relief as the lockdown has been lifted on some parts of the city and the operations of shopping malls and restaurants, although with a limited capacity, have resumed. However, the fear this global pandemic has instilled among people is going to stay for a while. It will take time before things are back to how they were. However, one thing is certain, consumer buying behavior is going to change. Whether it is property or other commodities, there is going to be a change in the way people shop.