Sajjad Ahmad, Staff Reporter
Despite the challenges posed by the COVID pandemic during the year 2020, W Capital Real Estate Brokerage, has recorded real estate sales of Dhs90 million in Dubai from January 2020 till date (8 months). Walid Al Zarouni, Chairman of the Board of Directors of W Capital real estate brokerage, said that the strong sales of the company reflect the great confidence in the real estate sector in the Emirate of Dubai during the period of the pandemic.
He explained that real estate in Dubai is considered one of the safe havens for value, especially with the decline of the US dollar in recent months, which encouraged a number of investors to take advantage of low prices and the decline in the value of the green currency, fearing that their financial investments will be affected due to market turmoil.
He stated that real estate sales in Dubai have recorded more than Dhs10 billion during the second quarter of 2020, 40% less than the same period last year, but it is a very good figure in light of the economic conditions that coincided with this period.
Al Zarouni stated that the effects of virus on the real estate sector have begun to fade and there is a widespread demand for real estate in Dubai, which leads to a strong phase of recovery.
He revealed that real estate sales in Dubai have rebounded in recent months bringing their total, since the beginning of the year till now, to nearly Dhs39 billion.
As for the rental market, Al Zarouni indicated that rents have significantly improved during the first eight months of the year. Al Zarouni believes that the real estate sector was able to adapt to the crisis thanks to the use of digital platforms to complete sales, leases or collect rents and to keep potential buyers and tenants in constant contact.
He pointed out that the real estate sector still has a lot of investment opportunities in light of its rapid response to customers’ aspirations and adapting to the new construction patterns that the recent crisis has, explaining that residential real estate prices have reached attractive levels and expected returns within a short period, amid prospects for the return of price rises during the year 2021.
Source: Gulf Today, https://www.gulftoday.ae/business/2020/08/29/firm-posts-dhs90m-real-estate-sales