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What Are Your Hopes And Projections For The Dubai Real Estate Market In The Years 2021-2022?
Dubai experienced the largest number of secondary/ready sales in a single month since January 2017, according to the DLD. The market is moving at a breakneck pace, which I expect to continue in the near future, with prices stabilizing by the end of the year.
The Deadline For Expo 2020 Has Been Pushed Out. What Market Forecasts And Trends Do You Anticipate To See Now That We Have A Clearer Picture Of How The Event Will Unfold?
Expo 2020, I believe, will have a significant favorable impact on Dubai’s housing market in the coming years. The Expo is expected to draw a large number of visitors, which will pique the curiosity of businesses and professionals who may see the value in establishing a presence in the city. Captains of the industry may regard Dubai as the ideal commercial location for establishing headquarters and entrepreneurs seeking to launch new ventures, especially because the Expo site will be turned into a business hub following the show. It is tough to predict if Expo will have a direct influence on rental costs in nearby neighborhoods, in my opinion.
More renters have shown interest in the metro connection, which features stops in neighborhoods like Al Furjan and Jumeirah Golf Estates. After the announcement of the metro connections in July 2020, for example, renters expressing their interest in Jumeirah Golf Estates increased by 30% from Q1 2020 to Q3 2020. The same is true in Al Furjan, where the number of tenants expressing interest in the neighborhood increased by 47% from Q1 2020 to Q1 2021.
Communities such as Green Community, Mira, Town Square, Mudon, and Damac Hills, which are close to the Expo site but not on the metro line, are swiftly renting and renters are expressing a lot of interest in the properties.
In Terms Of The Influence Of Dubai 2040 Over The Next 15-20 Years, What Long-Term Projections Do You Anticipate To See?
We are quite lucky to live in the UAE, and I feel things will only improve with time. For foreign property investors, business people, and expats already living in Dubai, the 2040 plan is appealing. The city is increasingly becoming a home for everyone, and a permanent one at that. Despite the fact that 2040 appears to be a long way off, we can see that Dubai is expanding and searching for methods to improve the quality of life for its citizens. Most recently, as part of the stimulus package, a rise in LTV and reduced borrowing rates were implemented. Dual citizenship, golden visas, remote working visas, 5-year visas, and retirement visas have all been introduced in recent years.
The Dubai housing market will undoubtedly develop as a result of residents’ growing confidence. New arrivals and those on remote working visas will drive up rental prices, while families and people who plan to stay in the city for the long term will drive up purchase prices. Foreign company owners will set up shop in Dubai, either renting or buying commercial premises, which will assist the commercial sector greatly.
What Are The Major Real Estate Technology Trends You’re Witnessing Right Now, And What Do You Think Will Grow In This Industry Over The Next 5-10 Years?
Being forced into a socially isolating atmosphere because of the epidemic has hastened the real estate industry’s use of technology. Which will have a significant long-term influence on the Dubai property market, as we can already witnessed. A handful of homes have been sold solely based on a 360-degree or video tour. This is happening not only for clients who live outside of the UAE. However, it is also getting increasingly popular among UAE citizens.
Allsopp & Allsopp, for example, recently sold a Lakes property in Emirates Living to a family. That was renting a home in the same location. They had been looking to purchase for a while and were excited when a house nearby became available. We are seeing fewer buyers and tenants examining properties. Buyers and tenants are taking advantage of virtual tours on many of the houses we see on property portals to save time. Virtual tours are a terrific way to reduce time and narrow down a property search – this is already occurring. Moreover, I believe it will continue to happen as the epidemic fades away. Those looking for a new home are making the process easier for themselves by ruling out areas. In addition, properties based on their own due diligence before beginning the viewing process. Because, when it comes to physical sightings, they are few in number, and in many places. It becomes a shortlist of features rather than a blindfold.
Do You Anticipate An Increase In Office And Retail Space In 2021?
With start-up, firms developing, corporations downsizing, upgrading, and companies transferring office locations or purchasing a commercial property rather than renting. The commercial real estate market has been just as fast-paced as the residential market.
A mix of opportunity, uncertainty, personal circumstances. In addition, spending more time at home has caused some people to reconsider their employment. Given others the impetus to start their own businesses. A few businesses have contacted to inquire about smaller office spaces, primarily. Because they have discovered that remote, working has benefited their business and they have opted to reduce leasing expenses by downsizing. Unfortunately, several businesses have had to close because of the epidemic.
Following the epidemic, Allsopp & Allsopp has noticed an increase in investors searching for commercial premises. Investors may expect a rental return of 8-10% on commercial property, with a few assets giving even more. Residential investors are sometimes unaware of the substantial rental returns that commercial property may provide. We have had several instances when an investor has inquired about residential rental properties with strong rental returns. Moreover, the residential agent has exposed them to the commercial market’s potential. In addition, they have opted to invest in office spaces after seeing the yields available.
