How the Coronavirus is Impacting Luxury Property Sector

Posted On: 26 03 2020

The global spread of the novel coronavirus (COVID-19) is the most significant public health emergency of the 21st century so far. Whilst the UAE remains relatively more protected and has deployed strict protocols, the situation is rapidly growing on an unprecedented scale around the world. In such unpredictable times, it is vital that we not only do our part to slow the spread but that we only engage with expert and official news stories when getting updates. That is why as well as a short update on what is happening locally, we wanted to share with you how it is and is expected to affect the property market moving forward.  

UAE Tackling the Coronavirus  The UAE Government has been extremely proactive in its efforts to combat and contain the coronavirus since it spread beyond any borders. Residents and citizens are experiencing an entirely new way of life in which mosques, restaurants, pools, gyms, and malls are closed and everyone is being encouraged to stay at home to save lives. They have also begun deep disinfections around the country, suspended international travel, halted in-coming visas and ramped up testing for those experiencing symptoms. As well as utilising the latest technology to tackle the medical implications, the UAE Government has committed to a series of stimulus packages that total AED 126.5 billion. The measures are intended to cut the cost of doing business, support small businesses and accelerate major infrastructure projects. Individuals who have lost an income and companies with suspended revenue can expect to receive crucial help that will enable us to overcome this global pandemic together.  

The Luxury Property Market  Hardly any sector has been unaffected by the global spread of the coronavirus, whether positively or negatively. Complete industries, such as the events and hospitality ones, are experiencing the impact of shutdowns and closure, whilst supermarkets, streaming services and cleaning companies are in a period of growth. It is far too early yet to say what the ultimate impact of the coronavirus will be on the local or international economy, but the UAE Government remains committed to introducing a series of stimulus initiatives that will help stabilise the region and protect workers across the nation. In terms of luxury property, we are seeing a downturn in those looking to view and purchase properties, as people are focused on more immediate concerns. That said, there are still some incredible deals to be had and for those that can, their investment contributes to our efforts to sustain a healthy economic future. At Gulf Sotheby’s International Realty we remain committed to helping our clients, both buyers, and sellers, every step of the way. We want to make sure you are informed about relevant changes, updated announcements, and beneficial initiatives. Our unique range of software and technology resources, such as virtual reality tours and online document submission, does allow for prospective buyers to limit their face-to-face interactions and keep themselves protected. We want to make sure that for those in a position to keep moving forward, we can provide them the calibre of service they have come to expect from Gulf Sotheby’s International Realty.  

If you would like to talk to one of our Property Consultants about how the current state of affairs impacts your property or discuss options for buying a property both here in Dubai or internationally, you can get in touch HERE

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