Dubai realty stays strong in crisis

Sajjad Ahmad, Gulf Today
Dubai property sector is on recovery track and will remain the region’s best destination for real estate investments after COVID-19 pandemic, said Talal Moafaq Al Gaddah, CEO of MAG Development.

He added, “Dubai is immune to crises, thanks to its economic diversity and the rational economic policies pursued by the government of the emirate.”

Al Gaddah confirmed that demand for Dubai real estate continues to keep pace with customers’ desires, and that the crisis has shown profound transformation in the real estate developments.

The developer announced that 95 per cent of its investments will be concentrated in Dubai, as they have great confidence in the future of investment in the emirate’s real estate sector.

The company confirmed that construction works are at full speed despite some interval halts due to the repercussions of the outbreak of the virus. Al Gaddah said that the company’s investments in Dubai reflect betting on promising future chances regionally and globally, while foreign investments in Dubai do not exceed 5 per cent.

He pointed out that the crisis has stimulated real estate developers to provide various price cuts and unprecedented facilities, which encouraged the Emirati citizens to turn out strongly to become the main driver of demand for local real estate deals due to attractive prices.

Al Gaddah expected developers would benefit from the Covid-19 crisis investment opportunities in new areas out of the city, while being freed from abiding to the workplace.

He pointed out that MAG Development projects are proceeding on schedule, and not affected by the repercussions of the crisis.