The onset of the COVID-19 pandemic in 2020 has the UAE and the rest of the world in a downward economic spiral.
Educational institutions have shut down, the workforce was mainly made to work from home, the ports and borders were momentarily closed, and a number of people have lost their jobs.
With the whole world drawing a blank on how to face such a global crisis, the UAE government was quick to act and combat this drawback: PCR tests were readily available, there were regular sanitisations of the public transportations and public places, advisories were broadcasted to keep everyone in the know and vaccines were offered and encouraged to its residents. These initiatives were great factors in where the UAE currently stands and how the people gained a solid confidence in its government.
UAE Government’s Initiatives
Fast forward to 2021 and roughly 70% of the total eligible population of the UAE have already been vaccinated. The UAE does not plan to cease its efforts anytime soon as it continues to focus on eliminating as much cases as possible. Presently, limited schools and nurseries, business entities, borders and ports are carefully being opened, taking into consideration the strict rules and memorandums being passed down by the government. Once again, the malls are filled with families enjoying a day out of the four corners of their home, the roads are busy with the mass going to and from their workplace and leisure activities and destinations’ demands continue to ascend.
The UAE, putting the interest of its residents as priority, makes it the perfect place for investors, business owners and workforce to start or continue their profession in this land. His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced recently that there were about 248,000 jobs created in 2020 when millions of people have lost their jobs in different parts of the world. The government has expressed, in numerous ways, its efforts in keeping businesses afloat throughout these times.
The Real Estate Economy Rising
Having first-hand experience of how the real estate market is adopting and reacting to the steady regress towards the country’s pre-pandemic economic situation, Henry Wiltshire International is pleased to report that the year 2020 has brought an increased sales transaction, particularly in buyers opting for villas, townhouses and properties with balconies as property owners invest in wider living spaces where the outdoors can still be enjoyed safely. This trend is still true as plenty of great secondary market deals and off-plan properties are being launched. The leasing sector has also seen a rise in interest as expats’ families return to the country and their children going back to schools, taking advantage of the affordable apartments and villas with flexible payment terms and contract extensions currently available.
The sales and leasing sectors are expected to catapult in the upcoming months and towards the end of 2021, bringing back the ever-dynamic state of the real estate market.
