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.
UAE property market is on solid growth path and is demonstrating positive changes in 2021 due to major initiatives launched by the government and lucrative business ambiance in the country, said Muhammad Binghatti, CEO, Binghatti Developers.
According to Binghatti, 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. 'The government measures helped in strengthening and supporting various economic activities, and greatly boosted the speedy recovery and resumption of normal economic activity,' he said.
He pointed out that 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 signs of economic recovery from the effects of COVID-19.
Binghatti believes that the rapid handling and smart response by the government to the pandemic contributed to supporting the property market in Dubai nowadays. The sector is showing positive V-shape recovery – a rapid rise after the decline – especially after a huge rise in the number of real estate transactions. During the pandemic some citizens and residents preferred not to travel, which stimulated domestic spending to buy real estate and resulted in the increased number of transactions. The pandemic also "filtered" real estate companies to keep only serious ones that have a real desire of continuity, which helped serious businesses prosper during the pandemic period.
The CEO highlighted, that the approaching of Expo 2020 gives a glimmer of hope, as many companies are coming to Dubai from all over the world to open offices or branches in the emirate. The extensive vaccination campaigns provided by the government also was encouraging and had positive effects on the national economy.
Price correction, both in the sales and rent markets, had positive effects in reviving the sector and contributed to strengthening Dubai's position globally as an attractive destination to live, work and invest.