Housing in lockdown: Buying and selling property during Covid-19
Even during the best of times, the property market can be a stressful experience. Seasoned investors, first-time buyers, those looking to lease their property, and for many in Dubai, those looking to rent a new apartment, are often put off by the fear of the unknown.
And this was before the impact of Covid-19. The global health pandemic is forcing everybody to try and adapt to a new reality, that is evolving daily. Safety has to be the priority for all right now, but we have to remember that these strange times will pass.
But the million-dollar question remains: how will the Dh2 billion-project affect the surrounding properties, areas and infrastructure in the short and long run?
Over the last few weeks, more and more people have had to adapt by working from home.
For many, their homes have become an office, a nursery, a school, cinema and library as well as occasionally offering some space to rest one's head. Our living space has never seemed so important. Recent transactional data suggests that to date, up to 50 per cent of buyers are non-residents which underscores the fact that a large proportion of the UAE's residential community has not yet directly invested in the property market. However, many do recognise the long-term benefits With this positive economic growth, the real estate sector has responded.
Estimates for 2020 expect the delivery of circa. 50,000 units and critically, the units have a primary focus on the new areas of Dubai such as Dubai South, Dubailand and Mohammed bin Rashid City. The market has adapted and matured, recognising the need to offer the growing population properties that are able to fit every budget. For those looking to sell, the current climate offers a unique opportunity to re-evaluate how they are approaching their sales. We launched our service in 2016 to give investors the ability to maintain total control of their sales process.
Through HOD.CO, clients can market, manage and sell their property - all on their own terms. We give them marketing support, market intelligence and information they need to take an active role in as much of the transaction as they feel comfortable with.
We've seen that people want to take more control of their property transactions.
For sellers and landlords, they know their properties better than anyone else. With the support of our legal, marketing and sales experts, they can get the best out of their transactions. Similarly for prospective buyers and renters, this current period offers up real opportunities to re-evaluate their needs.
A separate space to work may have seemed a luxury six months ago but increasingly, we're seeing how people are changing their priorities.
The extra time that people have on their hands is offering a unique opportunity to really research the market in-depth and make these critical decisions with even more valuable information to hand.