While the rest of the globe came to a standstill this year, the real estate market in Dubai was among the first to slowly come to life and regain its bustling vibe. Handovers may have been delayed, but new projects picked up pace and started to take shape to cater to the ever-increasing demand to own or rent exclusive property in one of the world's rapidly developing countries. Â
Leading in the market is Bloomingbird Real Estate, a fastest-growing award-winning real estate company in Dubai and Istanbul that has been serving clients since 2017. Bloomingbird came into existence by an industry veteran and is managed by a team of industry experts with an extensive local and international market experience. Its mandate is to provide quality service with integrity, personal attention and breakthrough innovation. Excerpts:
How would you define the current real estate market in Dubai?
The real estate industry in Dubai has seen massive developments in 2020, despite being facing a critical and complicated financial year due to the current coronavirus pandemic. With several projects under construction and handover is expected by 2021, investors and end users will have access to properties with high ROI, high capital appreciation and price payment plans.
Â Also with the rescheduling of Expo 2020, Dubai is expecting millions of visitors, therefore residential apartment market will be experiencing an upsurge in the rental incomes and the rise in prices. Dubai, known as a zero-income tax zone, still proudly remains a real estate paradise.
The property prices are currently dismal in Dubai. When do you see a silver lining coming back into the segment?
Dubai prime residential market has started showing strong recovery. As per data from Dubai Land Department, transactions made in Q3 2020 saw an increase in overall number of units sold quarter on quarter. There has also been a correction in price/AED sqft across the prime residential market, thereby indicating positive levels of recovery and a strong surge in buyer activity. As per the Land Department data, this is indicative that due to the ongoing pandemic, many are opting for homes and villas with larger spaces, outdoor areas and pools. Clearly, there is a rise in demand for townhouses and villas as they are more appealing to end-users. Dubai will still attract a significant influx of expats as well as capital mainly because of how it has handled the pandemic issue on a global level while keeping the economy open.
Can you lay down the pros and cons of owning a property in Dubai?
Dubai has designated areas where expats or foreign nationals can invest in real estate known as freehold areas.
The innovative ideas introduced by the Dubai government like 10 years' golden visa is a sign that buying a property here will be the best decision, whether it is constructing an artificial archipelago or the tallest building in the world, the emirate has proven that nothing is impossible. Zero-income tax zone, good rental yields, technological advancements, and secure living is just one of the many benefits of real estate investments in Dubai.
What kind of services does Bloomingbird Real Estate provide to its clients?
We offer our clients a distinguished array of services, ranging from real estate brokerage, portfolio management and investments. We deal in apartments, villas, townhouses, offices, buildings and lands for buying and selling. Our mandate is to provide quality service in a result-oriented fashion with complete transparency for our clients. Our team at Bloomingbird represents a wealth of property knowledge and transactional expertise in terms of their dealings with buyers and sellers.