The sales of Dubai-based property developer Seven Tides have touched a new high as it sold properties worth $152 million amid the outbreak of the pandemic last year. The developer saw buyers from economies such as India, France, the UK and Russia.
The buyers purchased luxury properties such as Golf Views Seven City in Dubai’s Jumeirah Lake Towers and Seven Palm on The Palm Jumeirah.
Abdulla bin Sulayem, CEO of Seven Tides, told the media, “These are remarkable sales figures, when we consider what an extraordinary year 2020 has turned out to be. Most of the world was locked down during April and the pandemic has caused disruption throughout the year for many sectors of the global economy, not just hospitality and aviation. Many investors in the UK and Europe fear higher income and property tax rates, as governments look to reduce public finance deficits, after borrowing record amounts of money to tackle the pandemic. Should that transpire, it could well drive even further investment next year. The economic impact of COVID-19 in Europe is likely to encourage buyers to look overseas.”
It is reported that transactions worth over $19.6 billion were recorded in Dubai in 2020. However, the trend has the potential affect property prices in the current year. Dubai recorded a supply of 595,000 in the whole of last year because of a handover of 39,000 residential units.
The pandemic has affected the global property market like any other sector. However, the market of only few economies have managed to remain afloat.