A lot of fog was surrounding the subject of the real estate industry in Dubai. The fact that it’s one of the most lucrative and profitable was put to the challenge amidst the pandemic. However, experts have declared that there is no reason to be worried. There had been rumors and recent false news circulating that major companies have stopped development projects. However, top developers like Emaar, Nakheel, Aldar have proved these rumors false. Although strict and phenomenal preventive measures are in place, the work still goes on. Emaar CEO Muhammad Alabbar stated that there are no cases of the virus on any of the company’s project sites. Therefore, they will not stop to meet the expected deadlines.
Mass-scale developments around the region to make a large number of properties for rent in Dubai are underway. Even though the Expo 2020 is scheduled for next year, development projects and preparations are still in process. Developers are dedicated to make more properties in UAE to compete in the market.
It was difficult for the whole world to prepare for this crisis. The government of Dubai, however, has made an exemplary effort towards containing the spread of the virus. This can include efficient and strict lockdown procedures and the Smart Dubai initiative that has digitized everything. Additionally, the government along with the Ruler of the Emirate has announced economic stimulus packages. The testing in the UAE is far more efficient in both numbers and procedures compared globally. This also shows how the government has retained the trust of the people while disinfecting the entire region at night.
The situation around the world, especially in the real estate market was seeming bleak to a lot of people. Regardless, it is as much under control as it can be in the Emirate of Dubai. Furthermore, as director and partner at Danube Properties has said, this is in fact a temporary correction as far as the real estate market is concerned.
It is no secret that the real estate industry is perhaps one of the most enduring markets in the world. Especially when it comes to Dubai’s real estate market, it has some of the finest laws and regulations. Taking a look at the Escrow system, there is little risk to the consumer as the money’s not going anywhere. The people in charge will only release funds for construction. Therefore, their investment is safe. Moreover, upcoming projects in the anticipation of the delayed Expo 2020 are looking to produce billions in profits. Thus, even if it has been delayed, this only gives more time and room for development to prepare for it. Eventually, this also means that there is an opportunity for those who haven’t invested yet.
It’s still unclear how long it will take for the COVID-19 crisis to turn the economic tides in our favor. However, the market is still going to persist for a long duration before showing any signs of change. That’s one of the things about real estate, you need to give it a few years for it to grow and prosper. This challenge is just another one we’ll face and get through.