KHALEEJ TIMES, Sunday, Jan 24, 2021 | Jamadi Al Thani 11, 1442
UAE realty market on solid growth track due to lucrative business ambiance
Emirates:
The UAE real estate sector market is on solid growth track and is
marching ahead in 2021 due to major incentives launched by the government
and lucrative business ambiance in the country, according to a senior
official.
Muhammad Binghatti, CEO, Binghatti Developers, said that the country has
succeeded in providing all public and private services, which greatly
contributed to mitigating the expected impact of the pandemic on the real estate
sector due to the proactive measures of the government, digital transformation
and technological progress.
“The government measures helped in strengthening and supporting various economic
activities, and greatly boosted the speedy recovery and resumption of normal
economic activity. They are added to a number of measures and packages of
initiatives to limit the effects of the virus outbreak,” he said.
He stressed the fact that the UAE provides opportunities for success and was up
to the challenges. The local economy overcame the crisis, and UAE is leading in
the Arab world with indicators of economic recovery from the effects of
Covid-19.
Binghatti believed that the rapid handling and smart response by the government
to the pandemic contributed to supporting the real estate market in Dubai
nowadays. The sector is showing positive (V) shape recovery, which is
characterized by a rapid rise after the decline, especially after the market
made a big jump in the number of real estate transactions.
He added that among the other positive indicators in the sector is the increase
in cash flow and liquidity locally, after some citizens and residents preferred
not to travel, which stimulated domestic spending to buy real estate. The
pandemic also contributed to the "filtering" of real estate companies to keep
serious companies that have a real desire of continuity, which helped serious
businesses prosper during the pandemic period.
The CEO pointed out that the approaching of "Dubai Expo-2020" gives a glimmer of
hope, as there are many companies coming to Dubai from all over the world, to
open offices or branches in the emirate. The extensive vaccination campaigns
provided by the government, revived the feeling of optimism and had positive
effects on the national economy.
He pointed out that price correction, both in the sales and rent markets, had
positive effects also in reviving the sector, and contributed to strengthening
Dubai's position globally as a destination to live, work and invest. Dubai
proved to be the most attractive city for foreigners looking for job in the
region.
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