As the work from home is becoming a central aspect of post-pandemic life, the UAE is seeing strong demand for good quality villas and townhouses predominantly determined by end-users capitalizing on ideal payment plans, lower costs, and opportunities to upgrade space, as indicated by property expert JLL.
Inside the residential area, villa deal costs expanded by 3.5% and 2% in Dubai and Abu Dhabi respectively, when compared with a similar period a year ago, expressed JLL in its most recent UAE Real Estate Market Performance report.
Recently reported regulatory measures, local availability of the vaccine, and the forthcoming Expo 2020 festivities are all opportunities to revive the UAE’s real estate market in 2021, provided by the report.
With indications of recovery effectively in progress, the report features that an enormous emphasis of the year will be re-imagining spaces as occupant and end-users discover local area amenities seriously engaging, it added.
Dana Salbak, Head of Research at JLL Mena, said: “As roles of different properties are shifting, property managers will need to offer residents an optimal way of living and working with a blended and multi-purposed dynamic.”
“The successes and failures of the multi-purpose concepts will provide an opportunity and insight into how the modern-day tenant has evolved, allowing the future of real estate to take a step forward in creating properties that are adaptable to an individuals’ needs,” she stated.
On the workplace market, JLL said it stayed two-tiered with interest for very well-managed, single possessed, quality space being pursued in Q1.
Dubai’s office market witness a whole of 30,000 sq m of Gross Leasable Area (GLA) provided, mainly in Tecom A&B, raising the total; stock to 8.9 million sq m.
On the Abu Dhabi situation, JLL said the ‘no new office deliveries’ kept the all-out stock stable at roughly 3.8 million sq m, with a future inventory of 69,000 sq m planned for conveyance before the finish of 2021.
Coronavirus has irreversibly changed the way in which the retail business works. With the conclusion of different retail activities and development limitations implemented across the country, footfall and deals have seen a drop.
In the meantime, different portions like fashion, luxury, and entertainment within setting up shopping centers slacked in execution because of progress in shopper ways of managing money and subdued tourism.
“There are several ways in which retail destinations can be adapted to drive consumers back while still adhering to social distancing measures, with several approaches already underway,” said Salbak.
“As the sector prepares for a prosperous future following its pandemic recovery, we will see more innovation and culture brought to the forefront as retailers relocate to more street and community locations,” she added.