The global health crisis caused by the COVID-19 pandemic has proven to be a major challenge to businesses and economies around the world. These events have led governments to implement stringent measures to mitigate the economic downturn. On the other hand, the pandemic has also paved the way to recognize new opportunities in uplifting the economy.
The UAE is one of the first countries that has launched several measures to address the challenges and adapt to the demands of the pandemic. It has also identified various opportunities in terms of technological transformation during these times. Here are some of the major initiatives taken to uplift the economy:
Transforming real estate in the UAE
- Provision of AED 100 billion to support banks and businesses
- Vigilant health and safety measures to protect workers and residents
- UAE to test the efficiency of technological infrastructures to transform work policies.
- Effective remote working policies, rental and banking plans for residents & SMEs
- 50% of government services to be digital in the next 2 years
- Recovery of 17% GDP with the introduction of USD 70 billion by the Central Bank of UAE
While the UAE stands at the forefront of resiliency, the real estate market, one of the crucial sectors in the UAE has also experienced major positive changes during the pandemic. With the aim of promoting investments and increasing opportunities, the government has introduced various measures to improve the real estate sector.
Lower interest rates for investors
Interest rates are at an all-time low and banks are offering an increased loan-to-value ratio at 5% for first time buyers. Due to these changes, more and more investors are capitalising in the UAE market.
Dubai Retirement Programme
The Dubai Tourism & General Directorate for Residency & Foreigners offers a five-year renewable visa to expats for residents and non-residents over the age of 55 who qualify for retirement in the Emirate. Eligible candidates must have a monthly income of Dhs 20,000 and owns a property worth 2 million Dhs. The news received global attention and now, more investors have shown great interest in the UAE's real estate market, which is strongly reflected in the increasing real estate transactions in the country.
Budget-friendly pricing of properties
The low prices of properties, with low interest rates and favourable loan-to-value ratio in UAE make the country and ideal destination for real estate investments at this time.
UAE’s real estate sector is also taking advantage of virtual technology in order to bounce back from the repercussions of the pandemic. Holding virtual real estate events is the safest option for the global real estate community to still connect and make profitable business transactions, despite the COVID-19 outbreak.
One amazing virtual real estate event that’s coming your way this November is the International Property Show (IPS), in partnership with Invest in Dubai (IID) Real Estate. The IPS Virtual Edition will gather leading real estate developers, top-tier investors, industry experts, and professionals, in a secure digital platform in its very first virtual edition to leverage business opportunities and attract major investors from local, regional and international real estate markets.
Join us on the 11th
of November and don’t miss out on the huge opportunities waiting for you.