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In this period we can notice that the UAE companies, especially small and medium-sized enterprises (SMEs), have been increasingly registering their interest in office spaces, following the end of the lockdown and easing of restrictions, experts said.
Due to the fact that they work remotely, the companies are interested to small space for their office. for this reason there has been a very large number of companies downsizing their office space.
Emrah Yar, head of Commercial at Allsopp & Allsopp, revealed: “There has been a significant 90 per cent rise in companies registering their interest in offices for rent and sale in Dubai in the aftermath of lockdown. The commercial market has remained resilient and in my opinion always will especially in such a cosmopolitan city like Dubai”.
Lewis Allsopp, CEO of Allsopp & Allsopp, pointed out that technology has played and will continue to play a very important role in several key sectors such as real estate.
“Technology is quickly advancing around the world, and I believe it is the driving force behind many business success stories,” he said. “The Covid-19 pandemic has made the importance of technology and virtual practices more apparent. In the wake of the Covid-19 pandemic, we were forced to put virtual viewings, market appraisals and mortgage consultations at the top of our list of priorities and from April 4 to April 25, our team completed 677 virtual viewings and 472 virtual market appraisals”.
Clients, he said, were very receptive to the new approach, and, as a result, the company will continue to use these virtual practices with clients who would like to narrow down their property search to save time on physical viewings and for clients who are overseas.
With staff returning to work, businesses will need to ensure that there are comprehensive policies and guidelines in place that will ensure the safety of their employees.
Regarding instead the property price development “In the first quarter of 2020, there was a 16 per cent rise in overall transactions compared to the first quarter of 2019, and February 2020 saw an enormous 40 per cent hike in transactions compared to February 2019,” DLD said.
According to ValuStrat, the pandemic and the postponement of World Expo ensure that the years-long price slump will persist for at least another year. “Last year, we said values would go down seven to 10 per cent in 2020,” said Haidar Tuaima, head of real estate research at appraisal firm ValuStrat. “Now seven per cent is very much on the optimistic side”.
“Comparing Q4 2019 and Q1 2020, the index value for Dubai overall decreased by 2.2 per cent, apartments have decreased by 1.7 per cent and villas/townhouses decreased by 2.6 per cent,” said Lynnette Abad, director of Research and Data at Property Finder.
In March 2020, a slight decline in sales transactions was registered, in which 3,120 sales transactions were recorded, due to the implications caused by the global Covid-19 pandemic, and they continued to decline into April, which saw 1,808 sales transactions take place despite the full lockdown.
Alessandra Quarta Conte
Lawyer, International Business Strategist, Real Estate Consultant in Dubai.