A “buying boom” in Dubai is highly likely, once the coronavirus crisis has been brought to a close.
“With interest rates now effectively at zero (base rate) and the mortgage cap being lowered by five percent for first time buyers, investors and end users are taking an interest. Again, once this is over a buyer boom is expected, as everyone wants to take advantage of those factors (interest rates and lower deposit) and at that stage demand will spike and prices will start to go up. Savvy investors know that and will look to take advantage in the coming weeks whilst there is so much uncertainty.
A survey by The Economist Corporate Network, ‘Middle East: Coronavirus: implications for MENA businesses and their leaders’, revealed almost a quarter (24 percent) of respondents said that their business is already making redundancies, and 20 percent said they have been forced to take unpaid leave as a result of business disruption caused by the coronavirus.
Almost three in 10 (28 percent) of regional businesses are currently enforcing paid leave. Expats in UAE however, remain optimistic and believe UAE is poised to be once of the best places to be once the pandemic is over.
Dubai, with its uncanny ability to bounce back faster than other destinations when recovering from a Global calamity, is expected to have an influx of new residents as it will present itelf as an Opportunity Destination, all set to host the Expo in 2021.