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Dubai is one of the most avant-gard place and the innovation is its mainstream, instead of the Covid-19.
The UAE has always been able to create resilient institutions to withstand economic and business challenges, thereby fostering stability in trying times like the current one. Quick shifts in policies and impactful decisions have been made to navigate through the challenges and set the nation straight on the road to economic resurgence. This is continuously being done to protect the gains of the UAE’s industries and the interests of all stakeholders – which, for the real estate sector, encompasses developers, brokers, and buyers. The nation’s remarkable leadership moves deserve both attention and applause.
Dubai is as one of the safest and most proactive cities to reside, visit, and work in, and offers an outstandingly vibrant and conducive business environment. Investing in the digital economy has proven to be highly beneficial during this period of lockdown especially for bringing back normalcy post Covid-19. “History is proof that Dubai has always been at the forefront of handling crises and the current establishment of post-pandemic digital recovery plans is immaculately designed to stabilise the economy”.
The UAE response to the current global pandemic with various stimulus packages, eased down on regulations, and reduced fees. The UAE’s response to the pandemic also entails an increase in the loan-to-value ratio applicable to mortgages, which is a solid step in supporting the sector.
Industry players need to take advantage of these lucrative policies in place and gear up to shifting market needs and demand. This is not the time to shelter and pull away from investors and clients, blaming economic and growth-related downfalls on the pandemic, rather, it is a time to adapt to new trends that will emerge and are already well underway in the industry.
Earlier, clients were using e-platforms to connect with suppliers and view company portfolios on websites or social media pages.
More than ever before, now, the internet will play a vital role to connect businesses to clients. Earlier, clients were using e-platforms to connect with suppliers and view company portfolios on websites or social media pages. In such a scenario, contemporary tools such as virtual reality videos, augmented reality apps, and virtual walk-throughs of homes/properties on sale will be implemented and websites will need to be up to date at all times. Moreover, in line with the national efforts to build a strong post-Covid-19 economy, everyone will need to sharpen and polish their digital channels and offerings.
The global pandemic has been changed the worldwide business scenario but in light of above Dubai will continue to be the forefront hub of innovation.
Alessandra Quarta Conte
Lawyer, International Business Strategist, Real Estate Consultant in Dubai.