The first half of 2020 brought with itself unpredictable turbulence that jolted the whole world. Major business sectors suffered losses not only in the UAE but in almost every region in the world due to COVID-19 and Dubai’s real estate sector was not an exception. With declined purchasing power and uncertainty hovering over the real estate market, people were reluctant to make investments. Although demand for bigger spaces such as townhouses and secure villas in Dubai witnessed a surge in the first half, apartments suffered.
Now that we have entered the second half of 2020, real estate experts are of the view that the ready property market is expected to soar high. Despite the fact that the sector was hit hard due to the global pandemic, the ready property market has shown upward trending during the 1st half. If we take states into consideration, there was a 40% increase in inquiries for such properties. Experts believe that these upward movement signs suggest that it is on the verge of soaring high.
They believe that it is due to the uncertainty triggered by COVID-19 that buyers are showing their keenness in ready properties. The fact that a tangible inventory is in front of them, which they can immediately relocate to or rent out is the driving force behind this upward movement.
This expected surge in the ready property market is backed by recent examples of transactions made by major developers for their ready-to-move-in projects. Nakheel recorded transactions worth DH 223 million for the period between March to May by selling luxury villas in Nad Al Sheba & Al Furjan. Villas in these communities come with all sorts of luxuries and amenities. They have parks, retail centers, and other facilities situated nearby. Moreover, cycling tracks, sports club, jogging routes, and other such amenities are also easily accessible by the residents.
Town Square helmed by Nshama is another project in Dubai that has witnessed an upward trend in recent times. Statistics shared by the developer shows that nearly 800 people moved to this project in the 1st half of 2020. The fact that the area features an array of properties and is home to the beautiful, lush green Town Square Dubai Recreational Park also contributed to its success. It also features other facilities such as trampoline parks, outdoor cinemas, skate parks, basketball courts, football pitches, kids play zones, etc.
These examples clearly depict the next turn Dubai’s real estate market is going to take. It is safe to say that ready property is going to be buyers’ first choice in the 2nd half. Among the ready properties available for sale, townhouses and luxury villas in Dubai are expected to receive more inquiries as people are now preferring bigger living spaces as compared to closed and smaller ones. They prefer having green and ample space right at their doorsteps where they can breathe easily in case another pandemic such as COVID-19 surges up.