How Does Coronavirus Impact Dubai Real Estate?
The novel coronavirus, formally known as COVID-19, has had a ripple effect across several major markets across the world. Reactions to the spread of the virus have ranged from caution to full-blown panic, and with each new country that reports an infection, doubt is immediately cast on whether that place is safe to visit or live in anymore. The UAE is one of several affected countries, though panic is the furthest thing from anyone’s mind. Here are the reasons why Dubai real estate is still one of the soundest property investments you can make during these times.
The UAE’s healthcare system is robust
With a roster of medical professionals that come from every corner of the globe and access to some of the most cutting-edge facilities and technology available, the UAE has the means to prevent further spread of the virus in the country and to keep its populace safe. Of the 45 infected individuals detected till date, all had been discovered at a very early stage courtesy of rigorous testing. Of those individuals, 7 have made a full recovery and the others are being given the highest standards of medical care.
The UAE is ahead of the curve
As several countries are in the process of looking at possible solutions to curb the coronavirus outbreak, the UAE has already taken concrete steps toward doing so. The UAE was the first country in the world to announce temporary school closures to disinfect the facilities so students could return to a cleaner and safer environment in the future - a remote learning program ensures that students continue to keep up with their lessons in the interim. It is also the first country to carry out intensive screening of every arriving passenger to catch potential infections before they have a chance to leave the airport.
However, life goes on in the city. While certain events have been cancelled due to health concerns, there are several others that are still going ahead with provisions in place to stop the spread of infection. There is a strong emphasis on plain and simple common sense, along with proper hand hygiene, to combat the virus as opposed to blind panic.
The UAE is still the best place to buy real estate
The UAE has always been a destination that ultimately provides peace of mind for investors, even during times of global uncertainty and unrest. That holds truer than ever now. Dubai continues to surge ahead with plans for Expo 2020 and there have been major announcements such as Cristiano Ronaldo being awarded a 10-year Golden residency visa.
As one might expect during any major crisis, there will be a short-term economic dip. This is good news for homebuyers and particularly for investors, who can acquire a property at a fair bargain and can expect to reap significant returns on their investment when the market turns back around.
And indeed, you need an investment you can depend on during a time like this. Speculation over the full impact of coronavirus has resulted in huge losses for stock markets around the world. Due to the unpredictable nature of stocks, these losses may yet become sharper before going on the rise. The stability of investing in brick-and-mortar keeps you better protected over the medium and long term.
We understand that the impact of the virus is a major concern for all of our prospective clients. Please get in touch with our Private Client Advisory team, who can give you a more thorough analysis of the market and provide you with comprehensive advice on how you can stay ahead of any shifting trends.