Real Estate Market Trends in 2020
Nima Safa | 4 November 2020
Covid-19 has significantly influenced real estate market trends all over the world. In Dubai, the market has witnessed a shift in demand for larger homes and more private spaces. Our off-plan specialist Nima Safa writes about the most important trends he has noticed in Dubai’s real estate sector.
Dubai real estate market has witnessed a new shift toward the demand for apartments with large terraces, townhouses, and villas. In Q2-2020, the demand for such properties saw an increase of 15% in Dubai. I believe the reason could easily be what lockdown has taught people.
Shifting Real Estate Market Trends
Staying at or working from home for a long time has brought homeowners and tenants to a point where they are wanting more space. They are looking for larger places where their families and children can enjoy the fresh air and spend more time in the garden. Meanwhile, extra space for a home office is also a requirement. And for all these, they want to pay just as much they would pay for a smaller apartment.
Apart from larger homes, the demand for villas and townhouses in decent communities is also rising as one of the real estate market trends in 2020. Tenants and new homeowners now want to live in respectable neighbourhoods. For instance, living in a gated community like Dubai Hills Estate, or any of the other Emaar communities in Dubai, has its perks and benefits.
Luxury Real Estate
Meanwhile, the demand for rental and property sales was not only limited to mid-range properties but also affected ultraluxury communities, such as District One at Mohammed Bin Rashid City. This low-density villa development is one of the most sought-after destinations among investors looking to buy property in the UAE. It is spread across 45 million sq. ft. of prime freehold land. It offers a collection of mansions and villas, as well as apartments.
What would be your choice? Would you want to be a homeowner or a tenant living in a small apartment in the heart of the city? Or would you love a reputed villa community within driving distance from your workplace?
Let me know. If you are looking for luxurious properties for reasonable prices or any off-plan projects in Dubai, contact me at +971 48719200 or drop me an email at email@example.com.