The UAE’s real estate sector has seen an astonishing recovery amid the global pandemic and rising tensions in the Middle East. The property transactions are already performing at the pre-pandemic levels. Despite the slowdown caused by COVID-19, the real estate sector, one of the main components of the country’s economy, is regaining its traction and attracting the attention of investment companies.
There has been an increase in the sales of modern villas, luxury apartments, and larger family residences, indicating a clear shift in the preferences of prospective homeowners. The changing lifestyles and routines and the general air of anxiety due to the pandemic have led more people to invest more into housing. The buyers are now more likely to prefer properties that offer a comprehensive approach to quality of life. With more people working from home, factors like space, natural lighting, room for a home office, etc., have become points of consideration.
After the pandemic, many end-users seek to move into spaces that are private to their own families. This has driven the demand for bigger houses and customized villas in the country. The government’s policy shift to offer citizenship to those who invest in Dubai and other emirates and foreign nationals with special talents has also helped boost the sales of properties. Dubai 2040 Urban Master Plan, which aims to develop Dubai into a sustainably developed urban habitation, has added to the prospects of properties in Dubai.
Concern for Health
There is an increasing concern about unhealthy lifestyles encouraged by the working conditions of the digital economy. Health-focused facilities like green parks with running and cycling tracks, health clubs and gymnasiums, swimming pools, etc., are garnering more interest from home buyers and investors. The focus on privacy, safety, and quality air has also heightened. Cleanliness and sanitation have become a concern post-pandemic.
The cycles of work-from-homes and remote work are not expected to decline in the coming years. Having a space-separated from private lives dedicated to office needs and business meetings is becoming necessary. Most property developers have begun to realize this, and they are designing premium properties that are bigger and can accommodate guest lounges and office spaces.
Quality of Life
Quality of life has now become an essential factor of consideration when buying and selling real estate properties. Consumers are constantly seeking properties with unique environments and structures to maintain their social status and ensure their privacy, safety, and security to cater to their psychological and physical comfort. The new investment in Dubai portal, launched by the Dubai Land Department, aims to bring together participants and experts from different fields to develop innovative solutions to particular challenges in their respective sectors to help enhance real estate activities.
The country’s real estate sector has been weak for the past few years due to chronic oversupply combined with near-stagnant economic growth. The problem was worsened by the restrictions and lockdowns imposed due to the global pandemic. Despite this, Dubai continues to be one of the most sought-after places to work and live. Further, the weather, architecture, diverse culture and lifestyle are all substantial draws for people and investment groups from other parts of the world. Experts predict that the housing prices will rise for the first time in six years, supported by a smooth and streamlined vaccine rollout that has lifted hopes for an overall economic revival of the country.