Dubai is predicted to see a boom in its real estate market after the impact of the coronavirus outbreak comes to an end, Richard Waind, group managing director, Better Homes told the local media. The coronavirus pandemic has had a ripple effect on all major real estate markets globally.
According to Waind, the current interest rate is at zero and the mortgage gap has been reduced by 5 percent for first time homebuyers and investors. After the effects of the Coronavirus are over, he expects Dubai’s real estate market to face a buyer boom as stakeholders will seek to capitalise on factors such as low interest rates and lower deposits.
Although Dubai’s real estate market has developed a positive outlook ahead of the Expo 2020, the onset of coronavirus has slowed down its growth. But this is fairly beneficial to homebuyers and investors as they will reap good returns after market rebound.
Last year, it was reported that Dubai’s real estate market will stabilise in 2020. However, it can expect to see no meaningful recovery until 2022, according to ratings agency S&P Global.
S&P expects government policies and initiatives such as ease of visa rules to promote development in the UAE real estate market, in addition to the Expo 2020.
Recently, in The Economist Corporate Network in a survey ‘Middle East: Coronavirus: implications for MENA businesses and their leaders’, nearly 24 percent of respondents said that their business is facing redundancies, while 20 percent of them are forced to accept unpaid leave as a result of the coronavirus impact on their businesses.