{"id":20532,"date":"2020-08-27T17:30:37","date_gmt":"2020-08-27T09:30:37","guid":{"rendered":"https:\/\/www.iqiglobal.com\/blog\/?p=20532"},"modified":"2026-01-09T16:16:15","modified_gmt":"2026-01-09T08:16:15","slug":"buying-or-selling-property-in-dubai-during-covid-19","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/buying-or-selling-property-in-dubai-during-covid-19\/","title":{"rendered":"Buying or selling property in Dubai during COVID-19?"},"content":{"rendered":"\n

COVID-19 changed everything – from the act of grocery shopping to travelling and Dubai’s property industry is facing a similar outlook. <\/p>\n

Ultimately we went from a sense of normalcy to uncharted waters and the state of Dubai’s property industry is facing a similar outlook.<\/p>\n

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The fear of the unknown in Dubai’s property market<\/h2>\n

The world of the property market can be a stressful experience – seasoned investors, first-time buyers, and for many in Dubai, looking to rent an apartment or condominium are often put off by the fear of the unknown. <\/p>\n

And the atmosphere was already there before the impact of COVID-19 – forcing everybody to adapt to a new form of reality, altering on a daily basis.<\/p>\n

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What does the data tell us?<\/h2>\n

Up to 50 per cent of buyers are non-residents and a large proportion of Dubai’s residential community has not yet directly invested in the property market<\/a><\/strong>. However, due to the act of working from home, there was a rise in traffic on researching the topic of owning property – acknowledging its long-term benefits.<\/span><\/p>\n

Before COVID-19, mortgage lenders were very positive. The Central Bank of the United Arab Emirates<\/a><\/strong> announced an increase by 5 percentage points, the loan-to-value ratios applicable on mortgages for first-time homebuyers – ensuring houses are affordable without associated inherent risks.<\/span><\/p>\n

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So if I wish to buy a property in Dubai?<\/h2>\n

In Q4 2019, Dubai announced growth of two per cent in the private sector – the highest growth in the last seven quarters, with 38,765 new jobs created. With this positive economic growth, the real estate sector has responded well too.<\/p>\n

For 2020, there is an estimate of 50,000 units – primarily focusing on the new areas of Dubai;<\/p>\n

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  • Dubai South<\/strong><\/li>\n
  • Dubailand<\/strong><\/li>\n
  • Mohammed bin Rashid City<\/strong><\/li>\n<\/ul>\n

    With the rise of units for sale, it shows the market has adapted and matured – perceiving the need to offer properties that are able to fit everyone’s budget.  <\/p>\n

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    How about selling a property in Dubai?<\/h2>\n

    If you wish to sell any property in Dubai, the current climate offers a unique opportunity to re-evaluate how to approach your sales and their buyer’s needs. <\/p>\n

    As sellers and landlords, you know your properties better than anyone else.<\/p>\n

    For example, 6 months ago a separate space to work may have seemed luxurious – Dubai’s real estate market is seeing how people are changing their priorities, by researching the market in-depth and make these critical decisions with even more valuable information to hand.<\/p>\n

    For property developers in Dubai, rethink the strategy. By inputting a consumer specific requirement, it allows the consumer to see through their plan of action in the years to come.<\/p>\n