The current global situation has affected the majority of industries. While the pandemic has had a sustained and long-lasting effect on the UAE economy as a whole, it has also had an effect on the real estate market.
One disadvantage of the current lockdown is that it has temporarily halted most activities, but property transactions are expected to resume their pre-covid levels once restrictions are lifted.
If you are planning to buy a property in the UAE, now is the right time.
Certain investors and property buyers may choose to delay investing in new properties until they feel more secure about the economic situation. In this case, their best course of action is to continue renting a property and renewing lease terms with landlords.
Investing during a period of uncertainty is exactly the right time to acquire a property at the best possible terms.
UAE banks are receiving numerous requests to defer current monthly obligations from existing customers. This situation has also resulted in a decline in bank earnings.
Banks’ lending rates remain quite competitive, and they continue to offer historically low rates in order to attract potential buyers in the market.
– Dhiren Gupta, Managing Director, 4C Mortgage Consultancy