The Success of UAE Real Estate Markets in the World of Post-COVID-19 by Umar Farooq Zahoor

The real estate market of the United Arab Emirates has set to touches the new heights of success, said Umar Farooq Zahoor. But as the year 2020 challenges all sectors, real estate gets affected and now, we are hoping for some growth.

Umar Farooq Zahoor


There are a lot of driving forces all across the Emirates for economic growth in the past few decades. But the markets of real estate were torpid before the arrival of Coronavirus. But as the epidemic arrived, there were some drastic changes appeared such as Expo 2020 Postponement, and that has left the catalyzing effect on the sector till its planning from the year 2013. Sheikh Umar Farooq Zahoor Said all this added instability, decrease in demand, delay in projects, and succumb of both values as well as rental reflecting an adverse climate.

In the market performance of the sector, there are some uncertainties related to the material too and the specialists believe that the scenario is more likely to stay well in the upcoming year. Now, Umar Farooq Zahoor was asked what looks like the 3rd or 4thtime in three years, if you got the bottom one? He continues to say “possibly”.

Being a business person, Umar Farooq Zahoor has observed that there was a growth of around 65% during May and June in the residential sales as the restrictions were relieved. For instance, Dubai has registered transactions in the real estate of about AED4.72 billion and there was a sudden drop by around 13% as the year passes from $15. Billion.

Farooq Zahoor disclosed that the total count of units is2,328 in comparison with 2, 721 in June’19, registering with a plunge of approximately 15%. Also, he has presumed that there were some stabilities in the market with the half of 2020 whether it is in the field of hospitality, retail or commercial motives.

Umar Farooq Zahoor was questioned about the current stand of the Emirates in the real market, he said most of the markets moved back, and now, they fall under the rent quadrant, and what we can expect or not is still tedious to say.

As the world is too close to the post-COVID period, a count of challenges will resist in the local markets of real estate in 2021. Umar Farooq Zahoor noticed that all the economic contractions caused by the epidemic will end up with an approach of “wait & watch” across all interested buyers.

Comments

Post a Comment

Popular posts from this blog

Tap into Dubai’s green energy market

Image
The market keeps on changing with the on-going trends and demands of generation. Being the leader in crude oil, Dubai has now decided to change its course and invest more in green energy. The earth is now moving closer to global warming at an alarmingly fast pace, which is highly concerning for all the obvious reasons.    After meeting MENA countries and the global summit on global warming, the countries agreed on lowering the consumption of non-green energy and depending more on green energy. And in this scenario, the UAE is again emerging as the leader, committed towards the cause more than any other Middle East country.    What’s undoubtedly apparent is that the local government is alone not enough for the cause, but there need to be more players in the field to make this vision come true. With an investment of more than a few million dollars in setting up the solar energy plant, UAE has opened the market for various business moguls to invest in and take the cause forward and ea
Read more

Dubai Real Estate Market on a rise

Image
Dubai has become a melting pot of societies and culture with people migrating from over 200 countries to reside in the beautiful city. With the ever-increasing population in the city, the real estate has become a hot investment. If we look at the data from 2008 to 2018, there has been an increase of 86% in the population. A lot of housing projects are already underway to accommodate such high growth in population, making real estate grow many folds with savvy investors. Dubai is coming up as the smartest city in the world with innovations coming up and bringing a higher rate of return of investment. Home to the tallest building Burj Khalifa, the city is attracting huge masses as a tourist as well as dwellers. No one can deny that with such a rapid increase in population, there are requirements for establishments such as shopping malls, hospitals, hotels and even houses. This is coming up as an excellent opportunity for people to buy properties in the city. Sheikh Umar Farooq Zahoor
Read more

Dubai Shopping Festival 2021 - Know all about DSF the Right Way

Dubai is the city of Events. Either it is a conference or summit, or a shopping festival, Dubai has always come forward and encouraged such festivals and events with full support. The covid-19 pandemic may have affected this event at an adverse level, but with fast pace vaccination program, Dubai’s Shopping Festival is all set to allure the shopping lover in 2021. If you don’t know what the Dubai Shopping Festival is, this is the piece of writing where you will get all the information. You can already understand that Dubai Shopping Festival or DSF is one of the popular and best shopping fests organized in Dubai. DSF is a treat for shopaholics. There is no such shopping lover who can keep calm once the government announces the date of the fest. From the day of commencement of the fest to the curtain call, the city is ornamented with pop-ups, raffles, enthralling performances, fireworks, and whatnot. Last year Dubai shopping festival commenced on 17 December to 30 January 2021. Dubai
Read more