It is high time to take full advantage of all corrections in the price in the residential properties.
During this year, the real estate market of Dubai prepares for the conditions through a smart recovery because of the quick economic recovery and investing in the growth as well as development in trade & tourism sectors, Umar Farooq Zahoor says.
By considering the latest data as released, Umar Farooq said that investors, as well as users, have the right time to take full benefits of price corrections in the property by buying apartments & villas within the United Arab Emirates. He said that there are no more situations exist for “worse” here as the prices are at the bottom now, begin building by this year.
As a businessman, Umar Farooq Zahoor suggests investing in the property market now as the tenant ought to stay ready to pay more as the year passes. Recently, a report has been released by the Property Consultant, ValuStrat that shows the prices of the apartments have to drop down by thirteen percent.
In addition to this, the report has also defined that there is a year-by-year decrease of eighteen percent in the apartment rents but stability has been observed in the villas as it dropped only by not more than one percent, says Umar Zahoor.
Some of the sought-after places for the purchasers and users who are interested in the property, according to Umar Farooq, include Town Square, International City, Dubai Marina, and Business Bay. Investors who want some off-plan properties found that Dubai Creek Harbour, Jumeriah Village, Sobha Hartland, and Business Bay are some of the famous areas.
While talking about the health crisis, Umar Farooq Zahoor mentioned the economy of Dubai has grown by four percent and it will also beneficial for the real estate businesses. Two major pillars to improve the situation of the real estate market comprise Expo 2020 as well as the 50th anniversary of the United Arab Emirates, as per Umar.
Being an entrepreneur, Umar Farooq Zahoor explained that real estate is a sought-after market and it is a golden opportunity for the investors to invest in such properties.
Therefore, Sheikh Umar Farooq Zahoor says the bad time is no more exists for the real market and the prices are rebounding within this year. The average prices of the villas, as well as apartments, are more likely to increase by three percent or one, respectively. Some areas are going well however others take some time to get recovered.
Sheikh Umar Farooq Zahoor 