Analysts are expecting the UAE property market to pick up this year, thanks to government reforms and Expo 2020. Analysts had been concerned about declining property prices and oversupply of properties since 2014. Now, there are greener days estimated for the real estate sector. This is due to government policies and reforms introduced in 2019.
Government reforms included the introduction of 10-year visas for investors and professionals, as well as reforms to real estate laws in Dubai following the formation of a higher committee in Dubai for real estate planning, headed by Deputy Ruler Sheikh Maktoum bin Mohammed.
Dubizzle Director of Properties Matthew Gregory says these policies have contributed to incentivising investors and boosting their confidence.
Analysts are also forecasting that Expo 2020 would provide a backdrop to showcase a range of real estate opportunities across the Emirates. Chestertons Head of Strategic Consultancy Chris Hobden points out that this year will also see a rise in demand for flexible space as office occupiers seem to be more attracted by the potential efficiencies and low capital outlay offered by serviced office and co-working options.
Source: The National
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