A magnet for investors, Dubai real estate recently suffered a setback due to the novel coronavirus. As the lockdown was imposed, offices and shops were forced to be closed. Some businesses suffered major setbacks as they had to stop their operations permanently, while some survived. However, one thing is certain – they suffered losses. This impacted not only the purchasing power but consumer behaviour as well.
Even though the business activities, across the Gulf region, have resumed, the purchasing power and consumer behaviour haven’t changed much. Not many people are ready to take the plunge towards making an investment as for them, the first priority is to be prepared for the uncertain times because of the recent spike in the number of cases.
In such a situation, the suggestion of investing in the real estate sector may seem like a foolish idea but is far from one. As a matter of fact, it is a wise decision to put your savings to good use and secure a deal for one of the best residential properties for sale in Dubai.
Is it The Right Time to Look for Properties for Sale in Dubai?
Let’s have a look at some of the reasons that support this claim that investment in Dubai real estate while the economy is recovering from COVID-19 is a wise decision:
One of the biggest reasons that go in favour of making an investment in Dubai real estate in the current scenario is the reduced rates of properties. As not many people (buyers/investors) were willing to take risks with their money during these testing times, sellers had no other option but to reduce property rates. They used this tactic to attract more buyers and investors and liquidate their assets.
The situation, even though has improved significantly, yet the property rates are on the lower side. However, experts believe that a surge is expected in a few months from now. So, those who intend to venture in the property market of Dubai, this is the right time. Seasoned investors, too, can sort through offers for apartments, villas and townhouses for sale in Dubai, to diversify their portfolio.
Furthermore, for people who have been living in rental properties, they can turn their dream of becoming a proud homeowner into reality by making use of this opportunity. As the rates are low even in most popular communities in Dubai, chances are that they can get hold of a lucrative deal for an apartment or villa for sale in this city.
Newer Developments Up for Grab
Even before the COVID-19 wave entered the UAE region and lockdown was announced, numerous projects by top development firms were nearing completion in Dubai. However, because of the lockdown, the construction and development work was put on a halt. As soon as the lockdown was lifted, developers were racing against the time to complete these projects on the scheduled. Some of them were completed while others are under development.
This has resulted in diversifying the property market. Buyers and investors can select from both ready and off-plan projects in newer developments.
If you don’t want to invest in Dubai, across the city’s border and you will see Al Ghadeer by Aldar Properties. Nestled between Dubai and Abu Dhabi borders, this is an upscale community with various projects, both ready and off-plan, up for grabs. This neighbourhood is particularly famous for villas for sale.
Shift in Demand
Apart from disturbing the economy, COVID-19 is also responsible for triggering a change in demand for residential properties. Earlier, offers for studio apartments for sale in Dubai grabbed the maximum attention. However, due to the lockdown, a lot of people realised the importance of living in bigger spaces surrounded by open green spaces. Consequently, more inquiries were made for villas for sale in Dubai, as reported by top real estate agents. This further impacted the prices of apartments and studios, making them more in reach of everyone, instead of a select few.
Opportunities in Commercial Sectors
If your interest doesn’t lie in investing in the residential sector, sort through the offers for commercial properties for sale in Dubai. As discussed above, many businesses couldn’t bear the impact of COVID-19 and had to shut down. Resultantly, demand for commercial properties also suffered a blow. To attract more buyers, sellers reduced prices. So, if you have been wanting to set up your own office, grab this opportunity with both hands and find a commercial property at a prime location.
Even though offers are lucrative, it doesn’t mean you have to rush through the process. Whether you are looking for apartments, townhouses, villas or penthouses for sale in Dubai, analyse the market thoroughly, verify details about the property and then make an informed decision. You can take help of experts at Zoom Property to find listings for residential and commercial, ready and off-plan properties for sale in Dubai.