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Dubai is a city and emirate of 4,114 km² area and 3.1M people in the United Arab Emirates widely known for luxury shopping, ultramodern architecture and a lively nightlife scene. Luxury means the enjoyment of special and expensive things, particularly foods, drinks, clothes, livings, gadgets, styles, etc. 23% percent of UAE residents said that they buy luxury items as soon as they think they want to buy it. If you look two years back, you would not expect Dubai to be the city what it is now. But your expectation and thought cannot be as consistent as its luxurious state now. Even it is now considered as the lavish metropolis of the world right now.
What about now? What about the future of Real Estate market?
Real estate agents were earning $500m a year in commissions. But Covid-19 has left them fighting for their futures. COVID-19 HAS changed today the world. In Dubai the brokers passed from Zuma dinners to Zoom calls.
The coronavirus has created an economic storm that is putting stress on several business sectors ranging from transportation to hospitality and agriculture. But an economic slowdown may be a reason to buy real estate since this investment speaks to a variety of investor needs, including diversification and income generation. So it is important to understand the value of property investments in a portfolio during a recession.
“We can’t get away from the fact we’re in a crisis. We can’t do business. We can’t really earn money at the moment,” says Andrew Cummings, managing director at Dubai-based LuxuryProperty.com “Sales have definitely slowed down, a lot.”
“I don’t think we’re going to see a crash, no. There will be an element of distressed sales but if anything, Dubai’s incredible handling of this pandemic means a lot of people will be looking at Dubai and saying, where will I want to live with my family if this happens again? And Dubai sits very strongly,” he says.
During the lockdown People have been crammed in apartments for so long. for these reason they’re shifting their interest to bigger spaces like villas with gardens they can enjoy in case they’re faced with another pandemic and forced into quarantine.
“There’s a lot of pent up demand for rentals at the moment. People have been sat in their apartments for five weeks and are wanting to get out and get more space. We’re taking on more inquiries from people looking at villas, so rentals will recover quite quickly,” he says.
We could all use some of his optimism. It is possible to predict an economic boost “like never before” once the lockdown is lifted.
There will be a human desire to get out there and live again and spend money again and see our friends again and get the economy moving again like we’ve never seen before, off the back of an economic shock like this,” he says.
The coronavirus challenge may provide an opportunity for those in the rental market. I will be here for satisfy any request and opportunities to find the right place where living during and after this pandemic.