The COVID-19 pandemic has wreaked havoc on public health and finances around the world, and the United Arab Emirates (UAE) has certainly not escaped the impact of the virus. However, as the country’s businesses emerge from lockdown, Dubai property developers have their eye on the future.
To this end, the city’s private developers who have cash in hand for their previously announced property projects are, by and large, sticking with their original launch schedules. This is intended to prevent development activity from abruptly halting as it did in the market’s 2009 downturn.
What will the Dubai property market look like after the coronavirus crisis?
In the aftermath of the worldwide credit crunch that took hold in 2008, several developers put the brakes on property projects that had only recently started construction or had yet to do so. This time around, though, developers are determined not to hold up projects in the same way.
One property development CEO, Mohammad Saeed Al Shehhi, confirmed to Gulf News that his business would “maintain a steady pace” on projects currently in concept mode. His firm is currently busy with two specific initiatives: the “Hive Coliv” and a non-freehold on Al Wasl Road.
The former is scheduled for construction from mid-2021 and will be targeted at younger buyers. The non-freehold, meanwhile, “consists of residential units but also has a retail element,” said Al Shehhi, adding that his team was set to break ground on the project in 2020’s fourth quarter.
The importance of caution as lockdown is unlocked
Ultimately, the Dubai property market – like the wider world – is remaining tentative as the threat of COVID-19 slowly fades. Al Shehhi has pledged to “monitor the situation”, adding: “We will also be guided by further directives, if any, from government or regulator”.
Here at Renovo, we have the expertise to reassure you about the hygiene and safety of your own residential or commercial property as lockdown restrictions are steadily lifted.
Our cleaning services in Dubai, for instance, are extensive and include diligently sanitising homes, air-conditioning units and water tanks. We know that hygiene – and the dedication to maintain it – is especially important at this time.
So, why not enquire to our facilities management and property maintenance team today about how we can help to ensure your property is in the best possible shape for the brave new post-COVID-19 era?