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.

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