Did Coronavirus Have Impact On Dubai Real Estate Market?
Dubai is the number one destination for those investors who are looking to investments with high returns. As you know, coronavirus has recently made a challenging environment for all businesses. But “Did Coronavirus affect Dubai Real estate market?”
According to Abu Dhabi-based developers, there was a sales record of Dh260 million from January to April 2020 in the UAE. Palm Jumeirah, Downtown Dubai, The World Island, Dubai Marina and Jumeirah Village Circle are the most popular communities among the investors from all around the world. This means the outlook for the UAE real estate industry is bright. More importantly, it will continue to attract more buyers in spite of the challenging situation due to spread of coronavirus.
This reflects the stability in UAE real estate, and the continued demand of investors for UAE projects. The huge demand is especially for distinguished projects such as Beach Isle and Elie Saab Tower that provide high quality services to investors. It should be said that the real estate market of Dubai has overcome the challenges of the current crisis. Increasing investor confidence in Dubai real estate market was the main factor.
Besides, there were special offers in the market that boosted sales. The surge in sales was despite the tough conditions of shutdown the real estate market in Abu Dhabi and Dubai, like all global markets. This means the Covid-19 effects in the UAE are Limited. Many economic incentives and initiatives in the UAE were the main reasons to overcome the tough situation.
The strong foreign and local investors demand also caused a record in the real estate market of the UAE. The sales during the first five months of this year reflect this fact very well. The sales in this market reached to about Dhs 260m, compared to Dhs480m for whole 2019.
Based on recent data, there has been strong sales in Abu Dhabi and Dubai in the first 5 months of this year. It is interesting to note that this was a period that coincided with the global outbreak of Covid-19.
According to what has been discussed above, Dubai still can be the best investment option even in the challenging time of corona virus outbreak. The shutdown due to spread of corona virus had an impact on almost all businesses around the world. However, Dubai real estate market showed its excellence as always.
So, if you are also looking for a crisis-proof investment with high returns, Dubai is potent to be an excellent choice. The time for the action is now!