The novel Coronavirus that first emerged in the Wuhan province of China, has become a global pandemic today with more than 160 affected countries under its clutches. As of today, there are 1,675,005 positive cases of coronavirus affected patients in the world and more than 100,000 people have died of it. The World Health Organization (WHO) announced the official name of the disease that was caused by the novel Coronavirus as COVID-19 on February 11, 2020.
The world economy has entered a recession due to the global slowdown of selling and purchasing services, as per the top financial advisors and economists. The governments of the major countries across the world are taking adverse steps by imposing curfews and lockdown in their countries to save the lives of their citizens.
However, in this process, only the essential services like groceries and pharmacies are working. Dubai has already imposed a two-week lockdown following the move of Saudi Arabia as it sealed the Red Sea city of Jeddah to curb the spread of the virus. Mobility is strictly restricted in the areas of Dubai as metros have suspended their services. Long before the official lockdown, the Real Estate sector in Dubai was deeply impacted by the blow of COVID-19.
The experts, in the beginning, were emphasizing that UAE as a market is very resilient when compared to the economies of the neighbouring countries. However, the real estate market plummeted significantly due to low demand right around the month of March 2020. With the October 2020 Expo event being postponed for another year and the stopping of overseas travel, the economy of the UAE will face a major blow sooner or later. This means that the flow of cash in the hands of the citizens will be limited. Due to this, the decreasing purchasing capacities will significantly impact the real estate industry in Dubai.
A report emphasizes that Chinese buyers of real estate properties in the UAE, especially Dubai, constitute one per cent of the total number of buyers in the city. With the restrictions imposed on international travel and the decreasing mental fear of international travelling, it is hard to comprehend the real statistics of future scopes of any industry. The interest rates are significantly falling in Dubai because of the low demand currently, but despite this factor, the market is not seeing prospective buyers due to the ill-effects of COVID-19.
As of now, it’s safe to assume that any industry in the world will be able to breathe back to life only after some months of stability.
real estate developers in dubai, In terms Of investment now properties prices touch the bottom buy apartment in Dubai or villa property is good investment strategy as World Expo 2020 is now postponed and when COVID -19 impact gone property prices are sharply gooing upside due to low supply and high demand. no construction is going on projects sites but demand is always increasing as an investor it was the time to invest at bottom prices and get higher returns on investments