The current global situation has been causing disruption across most industries. If the pandemic has a sustained and long-drawn impact on the broader UAE economy, it will also have effect on the property market.
One of the negative effects of the current lockdown is that it has caused most activities to come to a halt in the short term, but property transactions are expected to regain momentum once restrictions are lifted as transactions are recorded during lockdown.
If you are a prospective house buyer in the market, all things are going in your favour now.
Why is it a buyer’s market?
There will be certain investors or potential owners who may decide to prolong their decisions to invest in new properties until they feel more comfortable with the current situation. In this case, their option will be to continue to rent and renew terms with landlords.
– Dhiren Gupta, Managing Director, 4C Mortgage Consultancy